Editor’s Note: a guest post from Mike Moncla, interim president of the Louisiana Oil & Gas Association.
It’s just days before election day, and we find ourselves at a crossroads. It is impossible to overstate how much potential this current moment holds for Louisiana’s oil and gas industry, and how devastating the wrong decisions could be.
Consider the three things on our industry’s doorstep that would each have far-reaching consequences:
The Presidential Election. Two candidates have faced off who espouse wildly different views for our industry. No matter where you are on the political spectrum, one has called for our country’s energy consumption needs to be filled by American producers, and for those same American producers to be the top source of energy for the entire globe, and one has called for the “transitioning out” of our industry.
The Severance Tax Exemption Bill (HB 29). The legislature has worked tirelessly in the Special Session to address issues specific to the pandemic, including figuring out a way to incentivize industry activity. Temporary exemptions of severance taxes (the highest in the nation) would kickstart the oil & gas sector that pays the highest weekly wage in the state and employs 1 out of every 9 Louisianians. HB 29 now awaits the Governor’s signature, and we are hopeful that he will see the value in this job-creating bill and sign it into law.
The Constitutional Amendment. Implementing Amendment #2 would restore fairness to assessments on wells after decades of bitter dispute, expensive litigation, and endless decisions to invest elsewhere. Voters can make assessments on wells more accurate, more predictable, and fairer by voting YES on #2.
These three big decisions will change the course of Louisiana’s oil and gas industry for decades to come. Please join us in asking the Governor to pass HB 29, choose YES on Constitutional Amendment #2, and please GO VOTE.
LOGA Interim President