Despite rising crude oil prices, current OPEC disputes are causing American oil companies to hedge losses. This comes as American oil supply decreases due to political tensions and a reluctance by oil companies to ramp up production.
Last night, Federal District Judge Terry Doughty of the Western District of Louisiana issued a nationwide preliminary injunction blocking President Biden's Executive Order 14008 that halts all new oil leasing permits on federal land. LOGA President Mike Moncla described this ruling as a "win for every worker in the country, but especially in Louisiana where we depend so much on the Gulf of Mexico."
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. 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.
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