Louisiana’s oil and gas industry faces historic challenges in 2017 as it seeks sure footing in a political and economic environment that’s ever shifting, The Advertiser reports.
That said, Gifford Briggs, acting president of the Louisiana Oil and Gas Association, said Monday that this year is filled with advantages that were not likely foreseen in 2016—in particular, the election of President Donald Trump, an energy enthusiast who may sweep away regulatory challenges that hinder the oil and gas industry.
Delivering the annual “State of the Industry” speech to LOGA members in Lafayette, Briggs said the oil and gas industry is a victim of its own success. Through innovation in horizontal drilling and hydraulic fracturing, U.S. producers made the nation’s energy industry targets for the Organization of the Petroleum Exporting Countries, which flooded the global market with oil in an effort to drive down prices and harm American producers, he said.
Briggs said the future of the entire oil and gas industry is cloudy, and particularly in Louisiana, where Gov. John Bel Edwards’ administration has sought coastal erosion lawsuits against oil and gas companies. But Briggs said there is hope.
Trump’s ascent to the presidency has revived the industry’s fortune nationally, as key appointments—like former ExxonMobil CEO Rex Tillerson as Secretary of State—hold greater enthusiasm for the energy industry than their predecessors.
