A new study shows that the oil and gas industry is a major driver of Louisiana’s economy. The study by the Louisiana Mid-Continent Oil and Gas Association says the oil and gas industry generates 25% of the state’s economy. LAMOGA President Tommy Faucheux says it proves how big a player the industry is in the state.
“Most people assume that the oil and gas and energy economy is strong in Louisiana, but now we know for sure. A quarter of our state’s economy depends on the activities of the energy industry,” Faucheux explained.
Faucheux says the oil and gas industry also generates 15% of the state’s jobs and 19% of the state’s total earnings.
“306,000 jobs supported by the oil and gas and energy Industry. That is fantastic. And they’re really our spread across all regions of the state,” Faucheux said.
Faucheux says as technology evolves, there will be a lot of opportunity to build on these strong numbers in the years to come.
“The energy economy is not static. We’re constantly evolving, constantly growing. And there are new opportunities ahead that will build on that 25% of state GDP number we talk about today,” Faucheux said.
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