The year 2021 has been a tumultuous time within the Louisiana energy sector. The Biden administration has painted a target on the back of our industry with their defamatory rhetoric and restrictive policies like the moratorium on federal drilling permits earlier this year. These initiatives have already proved detrimental not only to Louisiana's economy but to all Americans who require energy in every part of their lives.
This pressure from the climate elite has left doubt in the minds of many about post-COVID economic recovery around the country. In communities all across south Louisiana, the combination of stringent federal policy with the impact of frivolous coastal lawsuits has made oil and gas operations stagnate. An industry that once was the lifeblood of the region is now left scrambling to find any activity.
While political resistance has left many in Louisiana distraught about their financial situation, recent developments within the industry do give us reason for optimism. A few weeks ago in federal court, District Judge Terry Doughty issued a preliminary injunction against the Biden moratorium, resuming leasing on federal land while litigation is ongoing. In north Louisiana, the Haynesville Shale has become one of the most active shale plays in the United States. To top it off, the price of oil has been steadily rising through the summer months, and some experts believe at the current rate it could hit $100 by the end of the year.
It is disappointing that the current environmental political establishment works tirelessly to destroy our industry while ignoring advances in coastal restoration and green energy technology that would not be possible without investment from oil and gas. By restricting revenue from oil and gas activities, the federal government not only hurts economic prosperity but ironically halts work towards environmental sustainability.
The political climate on the issue of oil and gas has never been more toxic in our nation. That is why the work of the Louisiana Oil & Gas Association and other industry advocates is so important. A united message against the environmentalist agenda protects the 250,000+ Louisiana workers employed directly through our industry.
A governmental policy that supports oil and gas will jumpstart Louisiana's recovering economy and promote clean energy investment that will protect our state's environment for decades to come.