BATON ROUGE, La. -- Thanks to increased production of abundant, affordable natural gas, Louisiana families and businesses saved more than $68.8 billion between 2008 and 2018 because of lower prices, according to a new report released by Consumer Energy Alliance (CEA) that demonstrates the urgent need for greater Gulf Coast energy access during the U.S.'s economic recovery.
Households saved over $2 billion -- or $445 per resident -- and Louisiana industries, including aerospace operations and petrochemical and steel manufacturing facilities, saved more than $65 billion, according to CEA's Energy Savings Report. These savings bring relief to Louisiana's families and keep the state's industries competitive and jobs abundant during a time of economic uncertainty caused by COVID-19.
"This report demonstrates how Louisiana's families, farmers, manufacturers and small businesses benefit from an energy strategy that includes expanded exploration and production access in the Gulf," CEA Gulf Coast Director Kaitlin Schmidtke said. "Now more than ever, as Louisiana recovers from COVID-19, energy has the ability to keep contributing to a lower cost of living and generate savings for Louisiana's families, farmers and small businesses.
"CEA commends Gov. Edwards for continuing to advance coastal conservation and restoration as part of Louisiana's Gulf of Mexico Energy Security Act of 2006 (GOMESA) funding and supporting offshore energy in the Gulf of Mexico to benefit Louisiana, our citizens and the nation. Offshore and onshore energy development, executed with a continuing commitment to environmental stewardship and stringent safety measures that protect our coasts, is an essential part of America's economy."
Last year, the offshore oil and gas industry supported roughly 94,000 jobs in Louisiana, and the overall energy industry created more than 291,200 jobs and more than $50.7 billion in economic impact, according to a 2017 study by PricewaterhouseCoopers. Overall, the oil and gas industry contributes 10.3 million direct and indirect jobs across the U.S., the study found.
"In an uncertain time when our neighbors and communities are facing economic hardship and more than 273,000 Louisianans are unemployed, let's remember the critical role Gulf energy will play in creating jobs," Schmidtke said. "Gulf exploration and production will be a key driver of the recovery, as it has been in every previous modern economic revival. Gulf states must come together to ensure the full Gulf of Mexico is included in future leasing opportunities.
"This report also serves as a reminder of why it is imperative that the United States maintains its energy independence and dominance to protect our country from outside influences, such as OPEC, that have attempted to intervene in energy markets and threaten America's economy and energy independence. As we have learned from the COVID-19 crisis, a secure American-based supply chain is essential, and energy is the backbone of any supply chain. Louisianans and all Americans will benefit when we strengthen our energy industry and our supply chains."
For more information, visit www.ConsumerEnergyAlliance.org or call (202) 429-4362.
