The oil and gas sector is looking up in south Louisiana, at least as far as one indicator: energy prices. Wednesday was a good day, as the price of both natural gas and oil rose sharply amid indications demand may be on the rise due to increases in factory output and a surge in auto production. Natural gas jumped to $3.76 per million BTU, a 44 cent increase, and benchmark crude for October delivery was up $1.58 to $72.51 per barrel on the New York Mercantile Exchange.
Unfortunately, the uptick is not sufficient to ward off impending fourth-quarter layoffs in the oil and gas service sector, maintains Don Briggs of the Louisiana Oil and Gas Association. "[The price increase] doesn't change that. I think, unfortunately, some companies will be laying people off. Everyone is trying to hang on to everyone they can. They don't want to lose those key people." The record low rig counts -- about 25 rigs are running in the Gulf of Mexico and 18 on south Louisiana land -- are ther real sore spot, Briggs says. "It's never been that bad." In 1999, which was Louisiana’s lowest average annual rig count of 141 rigs, SLA Land rigs averaged 21 for the year. Read Briggs' analysis of historical rig counts in the August issue of Acadiana Business.
"People have different opinions about why the prices are going up," says Briggs, noting the normal increases at this time due to anticipated demand during the winter months. "One thing is for sure: They were undervalued. Natural gas went too low, from $13 in July last year to $2.41 last week. Oil went from $147 [per barrel] to $35," he continues. "It's correcting."
Tuesday's Blogs from the Bog!
Oscar de la Renta dies; Pistorius sentenced; World Series begins and more national and international news for Tuesday, October 21, 2014.
We will be offering our recommendations on the constitutional amendments tomorrow.
Three bedroom in Lawtell or two bedroom in Rayne
Fall's new darling
The justices did not comment in leaving in place lower court rulings that dismissed the lawsuits against BP and other companies involved in the worst U.S. offshore oil spill.
White registration is down by 7,700 voters while black registration has shot up by 7,100 voters.
Even though it had been rumored for months, U.S. Sen. Mary Landrieu finally pulled the trigger recently on a major campaign shakeup that moved control over to a few Big Easy insiders.
Acadiana's nightlife guide.
Louisiana's health department says it will seek law changes to stop billing sexual assault victims for exams and tests.
An investment group led by Macquarie Infrastructure and Real Assets will buy the Louisiana power company Cleco for $3.4 billion.
It wasn’t the historic slashes to higher ed funding or the ensuing tuition spikes that recently had LSU’s student body and faculty riled up in collective outrage.
"I feel it is appropriate to speak up when there are topics that are being bandied about with little or no factual data to back them."
Will $400 be enough for the re-election campaign of LPSB's Hunter Beasley to overcome two years of holding our school system hostage and hurting the education of our children all because of a personal dislike of the superintendent?
Saints tight end Jimmy Graham said Friday he expects his playing status in Detroit to be decided by coach Sean Payton on Sunday, shortly before the game.
Two bedroom cottage in Lafayette or three bedroom traditional in Erath
Gulf Brew ready threads
Lawmakers have sidestepped a decision on whether they accept claims from Gov. Bobby Jindal's administration that the state closed last year's books with a nearly $179 million surplus.
Coming off the high of a fourth quarter comeback against Tampa Bay and a helpful bye week, linebacker Junior Galette sees a real turnaround coming for New Orleans' struggling defense.
Former President Bill Clinton, the Democratic Party's most popular surrogate this fall, is heading to Louisiana early next week for a campaign rally with U.S. Sen. Mary Landrieu.
Time and again you hear people say DA Mike Harson is unbeatable because he's doled out political favors over the past 20 years. But a new lawsuit could end that speculation.
We welcome nominations from readers and leaders throughout the business community in Lafayette and the five surrounding parishes.
Acadiana's nightlife guide.
Ebola is kind of terrifying if you watch too much Fox News and CNN. Especially Fox, which makes everything look terrifying because, well, War on Christmas and Obama and all.
Local developer’s Lake Charles Gardens LLC purchases buildings and leases; land still owned by Dugas family.
One bedroom townhouse or two bedroom townhouse in Lafayette
Hit the barre for a good cause
Whatever district you are in, please do your research. Find out what the schools need in order to teach. Better yet, ask your child’s teacher. They know!
Get your groove on with two free concerts in Downtown Lafayette Friday, both at Parc Sans Souci.
After the season's signature win (so far), here are some helpful tips for Cajun Nation during the conference stretch.