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05 31, 2012 by Chris John
After countless hours of hard work and negotiations, Louisiana has finally formulated a solution to the legacy lawsuit problem that has been hindering oil and gas investment and jobs in our state for years. With the help of the Jindal administration, especially the tireless efforts of Secretary of Natural Resources Scott Angelle, and key legislative leaders, a compromise was reached during the current legislative session that generally satisfies all parties involved.
“The compromise legislation expedites the clean-up process for oilfield sites and allows industry to admit responsibility for environmental damage, while reducing the outrageous claims made by plaintiff’s lawyers,” said LMOGA President Chris John. “Many in the oil industry were avoiding investments in Louisiana altogether for fear of excessive judgments and unending legal uncertainties stretching decades into the future. This compromise is good not just for the parties involved, but for all of Louisiana by creating a fair legal environment that companies will want to do business in.”
The passage of two bills this session, SB 618 (Abramson) and SB 555 (Adley), fit together to form the basis of the legacy compromise. Key players in the negotiations included Rep. Neil Abramson, Sen. Gerald Long, Rep. Gordon Dove, Sen. Robert Adley, Sen. Bret Allain, and Scott Angelle.
“Despite repeated failures and numerous road-blocks, these individuals persisted in seeking a fair and equitable solution to this legal quagmire,” said John.
“Louisiana’s oil and gas industry has a $77 billion economic impact on Louisiana and provides over 300,000 jobs. A fair, transparent process to deal with environmental damage that encourages capital investment is critical to Louisiana’s economy. Finalizing a solution for legacy litigation helps ensure industry’s over 100 year partnership with our state remains intact and that Louisiana continues to be a central player in providing energy for America.”
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