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OIL & GAS UPDATE

  /  OIL & GAS UPDATE

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 oil going for close to $75/barrel and beyond at press-time — some of the highest figures that we’ve seen in quite some time. The reason? Global supply and demand. Our rivals in the oil and gas industry are struggling mightily right now and that might mean that added work will come to the Gulf of Mexico to help fill the void. Some of the largest oil and gas producing nations in the world are struggling at press-time, lowering their oil and gas production, which is limiting the supply of crude on the market, thus raising the price. Industry experts say that the reasons for the struggles are multi-dimensional and vary from nation-to-nation. Most are driven by sanctions levied by President Donald Trump on Iran and their energy industry. But the struggles are not expected to go away anytime soon, which has experts thinking the prices will continually rise and Louisiana will be leaned upon heavily

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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