Industry officials: Jobs, economy and tax revenue at risk from oil lease delays

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Oil industry officials are raising concerns that a delay in the federal government’s Gulf of Mexico leasing program could cost Louisiana thousands of jobs and hundreds of millions of dollars in economic investment, reports Houma Today.

An industry study released March 29 says the Biden administration’s expected delay in the five-year program could cost the state up to 14,000 jobs and $165 million in state tax revenue. The study, prepared by┬áEnergy and Industrial Advisory Partners, a national banking and consulting firm, was prepared for the American Petroleum Institute and the National Ocean Industries Association.

Leaders of both groups said the Interior Department so far has issued no documents or guidance for the next five-year program, in which the federal government sells companies the right explore for and potentially produce oil in sections of the Gulf. Read the entire story.