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OIL & GAS UPDATE

  /  OIL & GAS UPDATE

Over these past several months, we’ve used our column space to talk about how questions about global supply were causing optimism amongst experts in the local oil and gas industry. But in the past 30 or so days, oil prices have struggled mightily, sinking to just below $63 per barrel at the beginning of the month — an almost 20 percent decrease from the close to $75/barrel levels that we’d seen earlier this year. Sways in price are nothing new to the fickle industry. We’ve heavily documented some of the reasons for the continual ups and downs of the industry. But this dip is a little different for economic experts because they say they’re not sure why the prices are falling because they maintain that conditions are still ripe for an increase in price. Economic experts said the recent downswing is puzzling because global supply is down, which should mean that prices go up. Experts maintain that if the current conditions hold, there will have to be an upward swing in price, which could speed up work in the Gulf of Mexico, which would be good news for area businesses. “I think we went from being too worried about losing Iranian oil to now being

Over these past several months, we’ve used our column space to talk about how questions about global supply were causing optimism amongst experts in the local oil and gas industry. But in the past 30 or so days, oil prices have struggled mightily, sinking to just below $63 per barrel at

SHAKEY INDUSTRY IN IRAN, OTHER GLOBAL COMPETITORS MIGHT BRING WORK TO THE GULF The price of oil dominates our local economy. By now, we all know this. We detail the happenings of the industry literally every, single month within the context of this piece of our magazine. But right now, that price is on the rise with

The question that gets asked at dinners, local group luncheons and some community meetings is how the oil industry is faring in the Bayou Region, amid hopes that what was seen as a profitable partnership a half-dozen years ago shall return. Interviews with industry leaders, economists, public officials and other experts

By Casey Gisclair The price of oil remains relatively stable and far greater than it was at the peak of the area’s recession. And officials with Port Fourchon want everyone to know that the port is growing and is very much open for business. Port Fourchon Executive Director Chett Chiasson said that business

A LOT OF FACTORS IN PLAY IN OIL’S ROLLER COASTER RIDE By CASEY GISCLAIR Last month, we explained why the price of oil on the global market had dipped and what political factors were driving the industry going into the future. This month, we’ve seen a bit of a 180-degree turn and we’re

AN EXPLANATION INTO WHY OIL PRICES ARE SO TOPSY TURVY For the first five months of 2018, the price of oil surged. On Jan 1, 2018, oil traded at about $60/barrel. By mid-May, the price was over $72/barrel – a 20 percent increase which had local business people smiling from ear-to-ear at

THAN THEY'VE BEEN IN 3 YEARS Houma native Josh Landry pulled his Chevy Tahoe up to the pump, got his wallet from the center console and took out a wad of cash.  “Three $20s. Here you go. Pump No. 5,” Landry said, gently handing the cash to his daughter, whose job was

The local economy may not be as strong as it was 10 years ago. But if you read the tea leaves and take an informative look into the future, it’s easy to see that companies are not spooked. They’re still willing to invest big-time money into the future of Port Fourchon. Last

& INDUSTRY LEADERS ARE HAPPY ABOUT IT President Donald Trump swept the southern United States in the 2016 election – winning Texas, Louisiana, Mississippi, Alabama, Georgia and Florida en route to his lopsided win over Hillary Clinton. Now in office for 15 months, folks in the oil and gas industry say that

After more than 25 years as the President of the Louisiana Oil and Gas Association, Don Briggs has decided it’s time to welcome a little new blood into the fold. The longtime oil executive announced in mid-January that he will slowly step away from his post – a transition which will

The local oil and gas industry has been gutted over the past several years as oil prices bottomed out, which slashed revenues, which slashed workforce and then ultimately also the local economy – the full trickledown effect. But after months and even years of struggle, it appears that there may

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