Tuesday, May 21, 2024

Louisiana’s $100 Billion Energy Potential on Display at Grow Louisiana Coalition’s 2024 Industry Day

by BIZ Magazine

Baton Rouge, Louisiana –Energy enthusiasts from across Louisiana converged at the Capitol Park Museum in Baton Rouge for Grow Louisiana Coalition’s (GLAC) annual Industry Day and commemoration of the coalition’s 10th anniversary. Hosted in partnership with Louisiana Mid-Continent Oil & Gas Association (LMOGA), Louisiana Oil and Gas Association (LOGA), and Associated Builders and Contractors (ABC), the event showcased the state’s burgeoning energy sector and its significant economic impact.

Attendees included educators, lawmakers, policy advisors, energy workers, and stakeholders who engaged with over a dozen interactive stations highlighting energy opportunities, education initiatives, and coastal protection efforts.

The event underscored Louisiana’s energy industry’s potential, with projections indicating a state-wide economic impact of $100 billion. Louisiana’s oil and gas sector alone already contributes a substantial $73 billion to the state’s economy and supports approximately 250,000 jobs. The state’s Department of Economic Development forecasts that the energy sector could attract $30 billion in new capital investments and create 10,000 additional jobs by diversifying into areas such as offshore wind and biofuels.

GLAC advocates for Louisiana’s ‘all of the above’ energy strategy, aiming to maximize job opportunities, fund coastal protection projects, and promote energy investments that safeguard industry jobs, bolster local communities, and prepare future generations for an array of in-state energy opportunities.

Marc Ehrhardt, Executive Director of GLAC, remarked on the coalition’s decade-long journey, stating, “Ten years ago, the Grow Louisiana Coalition was established to represent the collective voice of Louisiana’s energy industry, many of whom faced an uncertain future. Today, with 110,000 members, GLAC stands as a testament to Louisiana’s energy potential.”

Louisiana’s Secretary of Energy and Natural Resources, Tyler Gray, outlined Governor Jeff Landry’s energy priorities and the administration’s commitment to harnessing the state’s expanding energy potential. “We are regulating the use and consumption of our resources while fostering innovation and adaptability,” Gray emphasized.

Tommy Faucheux, President of LMOGA, highlighted Louisiana’s oil and gas expertise as a significant advantage in attracting energy companies seeking to invest in innovation. “This is an exciting time for Louisiana’s energy sector,” Faucheux stated. “We are poised to embrace expansion projects and capitalize on new opportunities.”

The event featured interactive stations hosted by various organizations, including Louisiana State University’s Institute for Energy Innovation, Ducks Unlimited, and Louisiana Chemical Industry Alliance. Mike Moncla, President of LOGA, expressed enthusiasm about Louisiana’s energy potential, emphasizing its positive impact on the state’s construction industry.

“Energy expansion projects create a ripple effect of opportunities,” said Carson DeLarue, ABC Louisiana’s Director of Governmental Relations. “From increased tax revenue to improved infrastructure, Louisiana stands to benefit tremendously.”

Grow Louisiana Coalition’s Industry Day was a collaborative effort by GLAC, LMOGA, LOGA, and ABC, showcasing Louisiana’s vibrant energy landscape and its promise for future growth and prosperity.

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