New Report Confirms Oil And Gas Continues To Be Foundation Of Louisiana's Economy
NEW ORLEANS — The Grow Louisiana Coalition worked with noted economist, Dr. Loren Scott, to complete a study analyzing the oil and natural gas industry’s impact on the greater New Orleans area. The study provides hard numbers related to the oil and natural gas industry in the area such as the employment, annual wages, and local taxes.
Solely funded by Grow Louisiana Coalition, Dr. Loren Scott’s latest study, “The Energy Sector: Still a Giant Economic Engine for the Louisiana Economy,” reinforces what most Louisianians already know: the oil and natural gas industry continues to be the foundation of Louisiana's economy.
With more than 260,000 employees across the state and an average annual wage of more than $96,500 — almost double the state’s average wage — and a contribution of more than $2 billion in annual state taxes, it is clear that the energy industry is critical to Louisiana’s employment, state budget, and economic success.
“In the face of an unpredictable tax system, countless misguided legal attacks and an industry downturn, this study proves the oil and natural gas industry’s continued dedication to the state of Louisiana," says Executive Director of Grow Louisiana Coalition Marc Ehrhardt.
"With all of the cards stacked against the industry, it continues to provide billions in tax revenues and hundreds of thousands of jobs for our state. We cannot take this for granted," says Ehrhardt. "For our state’s future, we must make sure that Louisiana is on the top of the list for companies looking to invest this by stopping reckless lawsuits and partnering with the industry.”
Oil and Natural Gas Industry Day – Tuesday, April 24
Oil & Natural Gas Industry Day will provide hundreds of attendees with the rare opportunity to discuss issues impacting Louisiana’s energy industry with professionals in the field, along with state lawmakers. New this year, attendees will get to experience interactive activities such as a virtual reality look at offshore platforms, S.T.E.M education activations and an overview of the Oyster Shell Recycling Program. The U.S. Department of Energy Under Secretary for Energy, the Honorable Mark Menezes, will be the featured speaker and will give insight into the Trump Administration’s vision for the future of the industry. RSVP here.
- by Alexa Harrison, associate news editor