This is 100% networking, bringing together the Ark/La/Tex oil & gas industry to network and celebrate the busiest drilling and production scene in Louisiana!
Formosa Plastics has plans to build a $9.4 billion plant in St. James Parish, a proposal that has backing from Republican and Democratic leaders in the state. In response to this proposed investment by Formosa, several attorneys' general from the northeastern United States have published a joint letter scrutinizing the creation of the plant and calling for federal government intervention. They argue that the plant would result in a negative environmental impact on their respective states. Louisiana officials have criticized this external political pressure, and reiterate the creation of new jobs and investment this plant would bring to the state.
State and local governments have been trying to extract tens of billions of dollars from fossil-fuel producers for contributing to climate change. But a 7-1 majority of the Supreme Court on Monday decided an important procedural question in BP v. Mayor and City Council of Baltimore that could put a lid on these suits.
Louisiana continues to lose jobs and revenue to the tune of billions annually. The current total impact of these costs results in$3.87 billion in lost economic activity, 22,550 in job losses and losses of$1.12 billion in lost wages for hardworking Louisianans. This translates to an annual hidden “tort tax” of $451 currently being paid by every single Louisiana resident. Were Louisiana to enact additional reforms, the resulting savings to residents and businesses would be an estimated$2.1 billion.
I hope you will join me in supporting the police jury members who are taking action and standing with our industry. I would urge you to also join us in opposing the bogus settlement scheme that’s being promoted by trial lawyers and the legislation they are pursuing at the Capitol this Legislative Session. SB233 and its twin in the House, HB569 are trying to reconfigure Louisiana’s entire coastal program so they can settle meritless coastal lawsuits with a single defendant company. If passed, SB 233 and HB569 would implement a flawed settlement scheme that would divert funds away from coastal restoration.
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