Report: Louisianans Saved $68.8 Billion Over Decade Thanks to Natural Gas

Refinery Illuminated At Night

BATON ROUGE, La. — A report from industry group Consumer Energy Alliance said an abundance of natural gas has led to low prices that have saved Louisiana families and businesses more than $68.8 billion between 2008 and 2018.

According to the CEA’s Energy Savings Report, households saved over $2 billion – or $445 per resident – and Louisiana industries, including aerospace operations and petrochemical and steel manufacturing facilities, saved more than $65 billion during that time period. The group asserts that continued savings will bring relief to Louisiana’s families, keep the state’s industries competitive and jobs abundant during a time of economic uncertainty caused by COVID-19.

“This report demonstrates how Louisiana’s families, farmers, manufacturers and small businesses benefit from an energy strategy that includes expanded exploration and production access in the Gulf,” CEA Gulf Coast Director Kaitlin Schmidtke said. “Now more than ever as Louisiana recovers from COVID-19, energy has the ability to keep contributing to a lower cost of living and generate savings for Louisiana’s families, farmers and small businesses.

“CEA commends Gov. Edwards for continuing to advance coastal conservation and restoration as part of Louisiana’s Gulf of Mexico Energy Security Act of 2006 funding and supporting offshore energy in the Gulf of Mexico to benefit Louisiana, our citizens and the nation. Offshore and onshore energy development, executed with a continuing commitment to environmental stewardship and stringent safety measures that protect our coasts, is an essential part of America’s economy.”

The CEA said the offshore oil and gas industry supported roughly 94,000 jobs in Louisiana in 2018, and the overall energy industry created more than 291,200 jobs and more than $50.7 billion in economic impact, according to a 2017 study by PricewaterhouseCoopers. Overall, the oil and gas industry contributes 10.3 million direct and indirect jobs across the United States, the study found. 

To view the report, click here.

 

Categories: Oil and Gas, Today’s Business News
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