Louisiana has a diverse economy, but one of the strongest branches of that economy may be in trouble. Oil prices have fallen worldwide, which leaves many oil workers out of a job, but new developments in Washington might provide the solution in the form of exports.
Would Exporting Oil Save Louisiana Jobs?
The U.S. recently became the number one oil producing country in the world, and as a result, several middle-eastern interests flooded the world market with oil. This drove oil prices down, which affected the job market right here in Louisiana, but some lawmakers believe they can change that.
Washington has been talking about repealing the ban on United States exports of oil. Many supporters say that repealing the ban will allow American oil producers to expand production and hire new workers, but it could also raise oil prices. Higher oil prices means more expensive gas for Americans, but oil producers would be able to hire more workers.
What Are The Draw Backs?
Opponents of repealing the ban say that not only will gas prices go up, but green and renewable energy development could be hurt. They also claim that rising oil prices would hurt domestic independent oil companies and refineries. However, even analysts are stumped by this debate.
One report from the U.S. Department of Energy predicts that gas prices would stay the same if the ban was lifted, yielding no benefits for U.S. companies, while a report from the American Petroleum Institute says that domestic production could go up by 500,000 barrels a day.
We represent injured oil workers, so the lawyers at Galloway Jefcoat want you to stay informed about our local oil economy. A strong economy can help prevent employer negligence and keep you safe on the job. For more information about staying safe on the job, keep following our blog, Facebook, and Twitter.
Galloway Jefcoat LLP—Personal Injury Attorneys in Lafayette, LA