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!
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.
No matter how hard we may try, humans are always going to need oil.Some environmentalists want to ban drilling, stop building pipelines and close refineries and petrochemical plans. But even renewable energy companies need lubricants, paint and chemicals. Electrification will not be the end of oil.Crude has a million applications beyond combustion. We may need less oil in the future, but the real challenge is how to extract it sustainably and affordably.
A federal review of the U.S. oil and gas leasing program is generating a fierce backlash from the hundreds of companies that operate fracking operations in the vast expanses of the Western U.S. Ahead of the formal launch of that Interior Department process Thursday—an event that will feature opening remarks from newly minted Secretary Deb Haaland followed by hours of testimony from stakeholders—environmental groups are putting their weight behind proposals to raise royalty rates and increase minimum bids. Annually, offshore producers infuse federal coffers with tons of cash, paying for many government programs including the Land and Water Conservation Fund, the holy grail of U.S. conservation initiatives. In recent months, however, federal revenue generated from the offshore industry has dipped below onshore revenue, a marked flip in historical trends.
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