Oil and Gas Industry's Reaction from Presidential Election Results
Oil and Gas Industry facing changes very soon
November 7, 2012 — During America's big recession, one of the main reasons our community did not feel so much of a hit is because of our prosperous oil and gas industry. It is paramount to our community here in south Louisiana. After the results of yesterday's presidential election, the Chamber of Commerce held a luncheon with attendees from many oil and gas businesses around the Acadiana area. The president of the National Ocean Industries Association (NOIA), Randall Luthi, says that we can expect a few changes in the industry.
"Now that the elections are over I look for BOP regulations to come out in the next few weeks. I look for more EPA regulations to come out in the next weeks or months so that's one of the things that will change."--Randall Luthi
Don Briggs, president of Louisiana Oil and Gas Association (LOGA), says another change the industry can expect is no more tax credit incentives.
"The president has made it very clear that he wants to do away with the investment tax credit incentives that the industry has...and he calls them subsidies. So that's a big concern and he has said recently that that's going to be one of the first things he's going to do."--Don Briggs
Those tax credit incentives are very important to independent oil and gas production, so the industry will be fighting to keep those. But, there are positives about Obama's continuing administration.
"Well I think what's positive is it looks like the rebound is coming. You know, 2009 and 2010 were such horrible years for the offshore industry, but it looks like 2013 is going to be a better year."--Randall Luthi
Mr. Briggs also added that our state's oil and gas industry will always be taken care of because we are essential to the rest of the United States.
"Louisiana is an energy state. We provide a very very very important role in the country for energy security in the US."--Don Briggs
Mr. Briggs says that regardless of what happens, they will continue to take care of business and produce energy for the country. That is how they will move forward.