Strong support for Louisiana from Oil and Gas Industry
Published By : 10 Jul 2014 | Published By : QYRESEARCH
The continuous growing expansion in the oil and gas industry has imparted a strong support to the Louisiana economy.
Loren Scott, a LSU Economist proved in a study that Louisiana supported almost $74 billion in sales to local firms in 2011 and generated 287,000 jobs with $20.5 billion in household earnings.
Several professionals working in the oil and gas industry sector in the Pelican Statemake a profit of nearly two times the revenue of an average Louisiana worker, reported The Energy Sector: A Giant Economic Engine for the Louisiana Economy.
In2011, Scott found out that through different methods such as natural gas, crude oil, and petroleum refining industries abundant profit could be yielded, possibly more than 11.6 percent of the gross state earnings. Due to this condition, Louisiana was ahead in the domestic products making 86 of 185 countries as recorded by the World Bank in 2012.
For Louisiana, refining of oil, the presence of the extraction, and pipeline industries have brought major changes in the overall market. The energy industry acts as a powerful engine for economic growth in Louisiana, added Scott.