Right now the oil industry is experiencing low market values due to a flood of oil on the open market. Since our state is a heavy oil producer, these low prices are affecting the state’s economy, but Louisiana is coping with low energy prices.
How Is Louisiana Coping With Low Energy Prices?
Though our state produces lots of oil, it is not completely dependent upon it. Many local oil businesses are branching out into other areas to make up for the low oil prices. Take Gulfport Energy, for example.
Gulfport Energy Corporation is a company based in Oklahoma City, but it has several interests right here in Louisiana. It has previously made most of its money by selling oil, but that hasn’t provided the profits the company needs in this market. That’s why the company has fallen back on the other aspects of its business—natural gas and natural gas liquids.
How Does This Help Louisiana Jobs?
The company has recently increased its yield of natural gas, and as long as those market values keep rising, the forecast for the company is bright. Gulfport Energy Corporation has fields along Lake Calcasieu, which could both increase production and hire more employees if this this tactic works. Other companies could learn from this strategy and keep the Louisiana economy thriving, but there are dangers that Louisiana oil workers need to be aware of.
Not all companies are as flexible as Gulfport, and they may actually try to cut corners instead of branching out. If the company you work for cuts corners, then you could be in danger. The personal injury attorneys at Galloway Jefcoat have experience dealing with the oil industry, and we can help anyone who falls victim to the negligence of penny-pinching employers.
Galloway Jefcoat LLP—Personal Injury Attorneys in Lafayette, LA