Oil industry facing bleak future

Oil industry facing bleak future

The global pandemic caused by COVID-19 and the oil glut generated by the Saudis and Russians have created a perfect storm for the oil industry, and the Louisiana energy industry is teetering on the verge of collapse, according to one of the industry’s top advocates.

“We’re watching an entire industry being eliminated right before our eyes,” said Gifford Biggs, president of the Louisiana Oil and Gas Association (LOGA) .

Briggs said the energy sector supports more than 34,000 direct jobs in Louisiana with $3.2 billion in direct wages paid to employees working in the oil and gas industry.

“What we’re witnessing has not happened in my lifetime and nobody’s paying attention,” Briggs said. “Alarms should be being sounded now and they aren’t happening. By the time everybody wakes up, it could be over for Louisiana.”

 

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