Venture Global CP2 LNG plant rendering from Oil and Gas Journal
Louisiana’s oil and gas industry is hailing the re-election of Donald Trump as President of the United States.
Mike Moncla, the president of the Louisiana Oil and Gas Association, says it will be good to have a President who will ease up on regulations, since he says the Biden administration was not friendly to the industry.
“The last President really had his throat on the industry from day one with the Keystone cancellation of that pipeline being built,” says Moncla. “Fast forward a few years — for the first time in 42 years, we had a lapse in the five-year offshore leasing plan.”
Moncla says the Biden administration finally came up with a plan guaranteeing anywhere from zero to 11 leases.
“Only through the IRA — the Inflation Reduction Act — were we able to force him to have three (leases),” Moncla says. “And so this year for the first time in 42 years, we’ve not had a lease sale.”
Moncla says Biden’s other policies, including the pause on issuing export permits for liquefied natural gas, stifled business in the state.
“The policies that they’ve instilled in all of our banks and companies like Blackstone, who refuse to invest in oil and gas, it stifles investment in our state, when we’re a state that is dependent upon oil and gas production for a large portion of our state’s GDP,” says Moncla.
Moncla says the election of Trump marks a new day for Louisiana’s oil and gas industry.
“Anytime you have a president that is promoting industry, stripping away regulation and making it easier, it’s much, much better for us,” Moncla says.
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