Is Oil & Gas Coming Back? Good News for Louisiana
Here's another instance of "You won't see this in the national media." We all know how devastating the government's response to the COVID pandemic was to the economy. But there is now some good news on the horizon... especially for Louisiana.
According to LSU's Center for Energy Studies, Louisiana lost 8,700 upstream oil and gas sector energy jobs during the pandemic. Not to be insulting, but just in case you're not familiar with industry speak, according to Investopedia:
Upstream and downstream oil and gas production refer to an oil or gas company's location in the supply chain.
Upstream oil and gas production is conducted by companies who identify, extract, or produce raw materials, while downstream oil and gas production engages in anything related to the post-production of crude oil and natural gas activities
And while we lost 8,700 jobs during the pandemic, Louisiana's economy is currently benefitting from a bounce back in worldwide energy demand. So what you might not have heard is that Louisiana has already gained around 2,500 jobs in the upstream sector back. In a new report from LSU's Center for Energy Studies, Research professor Greg Upton says:
“And right now we are forecasting that we will regain an additional 35 hundred jobs within the upstream oil and gas extraction services sectors by about sometime mid next year before that levels off,” said Upton.
And this could benefit local companies like Calumet Industries. Upton says Louisiana refining and chemical manufacturing jobs are increasing because Louisiana companies refine many of the raw materials produced in other parts of the country and prepare them for export to other countries, particularly Asia.
“The good news is by the end of 2024 we will have gained back all of the jobs that we lost during the pandemic and are actually anticipating that employment will continue to grow after that,” said Upton.
A quick search at ShaleXP listed over 1,140 oil and gas companies in Caddo Parish, some of whom just might be hiring before long.
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