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02 28, 2012 by Louisiana Mid-Continent Oil and Gas Association
“The findings of the LSU Center for Energy Studies’ report today on the severe impact of ‘legacy’ lawsuits on Louisiana’s energy industry, its workers and the state’s economy should serve as an eye opener to all Louisianans. The conclusions drawn in the study are particularly disturbing and dismaying to those who are interested in or dependent upon the future vitality of Louisiana’s oil and gas industry.
While all of Louisiana has been very excited about the potential of unconventional drilling in the Haynesville Shale, the Tuscaloosa Marine Shale or the Brown Dense, Dr. Dismukes’ study emphatically highlights a grave problem for conventional drilling in south Louisiana and other parts of the state.”
“The study strips away any doubt about what is going on: Louisiana’s poor legal climate toward the oil and gas industry is causing the state to lose out on substantial conventional drilling opportunities and thousands of well-paying jobs to other states, most notably Texas. I hope the study is analyzed in its entirety, so that the full magnitude of this problem can be understood. “
“No policymaker in Louisiana should tolerate the loss of an estimated 30,000 jobs and more than $10 billion in economic activity for any industry in Louisiana. And that is exactly what is happening in the oil and natural gas industry because of the abusive litigation carried out by a few individuals.
The findings are a call to action for all the workers and businesses in Louisiana who depend - directly or indirectly – on the well-being of the oil and gas industry. The status quo is not acceptable and LMOGA and its members are committed to resolving this issue.”
Find out more about the report here.
Download LMOGA Statement here.
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