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kosovohp



Posts : 18
Join date : 2010-09-30

PostSubject: Energy aaaaaaaaa   Wed Oct 06, 2010 4:02 am

Louisiana is rich in petroleum and natural gas. Petroleum and gas deposits are found in abundance both onshore and offshore in State-owned waters. In addition, vast petroleum and natural gas reserves are found offshore from Louisiana in the federally administered Outer Continental Shelf (OCS) in the Gulf of Mexico. According to the Energy Information Administration, the Gulf of Mexico OCS is the largest U.S. petroleum-producing region. Excluding the Gulf of Mexico OCS, Louisiana ranks fourth in petroleum production and is home to about 2 percent of total U.S. petroleum reserves. One third of the oil produced in the United States comes from offshore, and 80% of offshore production comes from deep water off Louisiana. The oil industry employs about 58,000 Louisiana residents and has created another 260,000 oil-related jobs, accounting for about 17% of all Louisiana jobs.[50]

Louisiana's natural gas reserves account for about 5 percent of the U.S. total. The recent discovery of the Haynesville Shale formation in parts of or all of Caddo, Bossier, Bienville, Sabine, De Soto, Red River, Sabine, and Natchitoches parishes have made it the world's fourth largest gas field with some wells initially producing over 25 million cubic feet of gas daily.[51]
The oil slick just off the Louisiana coast on April 30, 2010. The Deepwater Horizon oil spill is now considered the biggest environmental disaster in U.S. history.

Louisiana was the first site of petroleum drilling over water in the world, on Caddo Lake in the northwest corner of the state. The petroleum and gas industry, as well as its subsidiary industries such as transport and refining, have dominated Louisiana's economy since the 1940s. Beginning in 1950, Louisiana was sued several times by the U.S. Interior Department, in efforts by the federal government to strip Louisiana of its submerged land property rights. These control vast stores of reservoirs of petroleum and natural gas.

When petroleum and gas boomed in the 1970s, so did Louisiana's economy. Likewise, when the petroleum and gas crash occurred in the 1980s, in large part due to monetary policy set by the Federal Reserve, Louisiana real estate, savings and loans, and local banks fell rapidly in value.[citation needed] The Louisiana economy as well as its politics of the last half-century cannot be understood without thoroughly accounting for the influence of the petroleum and gas industries. Since the 1980s, these industries' headquarters have consolidated in Houston, but many of the jobs that operate or provide logistical support to the U.S. Gulf of Mexico crude-oil-and-gas industry remained in Louisiana as of 2010.

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