LSU report: Louisiana to reach new highs in refining, chemical employment

Greg Upton, LSU Center for Energy Studies (Photography by Jordan Hefler)

The LSU Center for Energy Studies unveiled the 2022 edition of its Gulf Coast Energy Outlook during a Nov. 17 webinar, predicting that Louisiana and Texas will reach new highs in refining and chemical manufacturing employment over the forecast time horizon, which extends through 2024.

The outlook’s authors, David Dismukes, executive director and professor, and Greg Upton, associate professor, LSU Center for Energy Studies, expect some $155 billion in capital development potential through 2029, 40 percent of which to be comprised of liquefied natural gas (LNG) projects.

They also predict that global crude oil demand growth, tight supplies and continued OPEC+ discipline will put upward pressure on oil prices in the short term, but that prices will eventually fall in coming years to about $58 per barrel. Natural gas supplies are already exceeding pre-pandemic levels, they say, while U.S. crude oil levels remain lower. Read the full report.