The network of businesses that owe their origins, successes and, at times, demises to Louisiana’s upstream, midstream and downstream oil and gas market is vast, reports 10/12 Industry Report in its latest issue.
For generations, an energy workforce numbering in the hundreds of thousands has risen before the sun to travel to a destination that is one, two or multiple parishes away to earn a living.
Nevertheless, it will always be an unpredictable and at times heartbreaking industry in which to work. The current relaxed regulatory environment notwithstanding, the economics of oil and gas—aka supply and demand—will always be the primary driver.
Louisiana has done a decent job since the oil bust of the early 1980s to separate itself from the rollercoaster effects of the unpredictable market. The state has undergone a transformation since the heady days of oil and gas in the early 1980s, when in FY1982 mineral revenues comprised a whopping 42% share of its overall budget. By FY2024, it comprised just 5.9%. Read more.
