What a difference a president makes. The last White House was opposed to almost every kind of domestic fossil fuel exploration and exploitation. The Trump administration though is very pro-domestic energy.
They have now opened the entire Gulf of Mexico to oil exploration. This is very good news for the oil patch and Louisiana’s oil industry.
From The Daily Caller:
Interior Secretary Ryan Zinke announced Monday 73 million acres off the coast of Texas, Louisiana, Mississippi, Alabama, and Florida would be offered at a lease sale in August as part of the Interior Department’s five-year leasing plan.
“Opening more federal lands and waters to oil and gas drilling is a pillar of President Trump’s plan to make the United States energy independent,” Zinke said in a statement.
Interior finalized its current five-year offshore leasing program in January, just before Trump took office. The current plan includes 11 potential lease sales — 10 in the Gulf of Mexico and one in Alaska’s Cook Inlet.
This comes as ExxonMobil announced some major investments in the Gulf South.
ExxonMobil is strategically investing in new refining and chemical-manufacturing projects in the U.S. Gulf Coast region to expand its manufacturing and export capacity. The company’s Growing the Gulf expansion program, consists of 11 major chemical, refining, lubricant and liquefied natural gas projects at proposed new and existing facilities along the Texas and Louisiana coasts. Investments began in 2013 and are expected to continue through at least 2022.
(ExxonMobil CEO Darren) Woods said that ExxonMobil’s Gulf expansion projects are expected to provide long-term economic benefits to the region, noting the creation of direct employment opportunities and the multiplier effects of the company’s investments.
“Importantly, Growing the Gulf also creates jobs and lasting economic benefits for the communities where they’re located,” Woods said. “All told, we expect these 11 projects to create over 45,000 jobs. Many of these are high-skilled, high-paying jobs averaging about $100,000 a year. And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments.”
It looks like there is an opportunity for more growth in Louisiana’s oil industry with these new investments. In addition, oil prices are starting to inch up so more of these possible oil strikes in the Gulf would be economical.
All we have to do is stay out of our own way.