While the prices of crude oil and natural gas continue to skyrocket, is the state of Louisiana benefiting from this price boom?
While the prices of crude oil and natural gas continue to skyrocket, is the state of Louisiana, a major American producer of these energy sources, benefiting from this price boom? If not, why? Louisiana Public Square explores the changing impact of the oil and gas industry on the state's economy in "Win or Lose: Louisiana and the High Cost of Energy." LPB President/CEO Beth Courtney and LSU Media Law Professor Craig Freeman are your hosts.
Our Oil and Gas Industry
For the entire 20th century, Louisiana yielded its vast oil and gas riches to risk-taking capitalists, hard-working rig crews and bright engineers and scientists who built the state's petroleum industry into an economic powerhouse. From Caddo Lake near the Arkansas border down to the coastal marshes - and beyond - virtually every parish in the state has been touched by the oil and gas enterprise. The numbers are staggering. Nearly 20,000 Louisiana oil wells pull up 228 thousand barrels of oil a day [one barrel of oil equals 42 gallons]. That makes the state the 4th biggest producer of crude oil in the US. Louisiana is number five in natural gas production. These figures are just for onshore wells and wells within Louisiana's coastal boundaries, which extend 3 miles out into the Gulf. Even more oil is pumped by rigs in federally-controlled waters known as the OCS - the Outer Continental Shelf.