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Half of Louisiana oil, gas wells could be shut in, 70% of industry jobs lost within 90 days, trade group survey shows
The Advocate: A survey of Louisiana oil and gas business found more than 23,000 jobs in the industry are at immediate risk because of the back-to-back blows caused by the coronavirus pandemic and the oil glut generated by Saudi Arabia and Russia.
“The reality is, we are facing a perfect storm right now in the oil market,” said Gifford Briggs, president of the Louisiana Oil and Gas Association, which conducted the survey of its membership. “We have surging supply and an unprecedented destruction of demand.”
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