Does Biden Mean to End State’s Offshore Energy Biz? [VIDEO]
The oil and gas industry is big business in Louisiana. LSU Economist Dr. Loren Scott says a Joe Biden’s Presidency could signal trouble ahead for Louisiana’s oil-dependent economy.
"It is very concerning," Scott says, "When you look at his (Biden's) website, One of the things he says is that he wants to stop all permitting on public lands and waters. 'Waters' is very critical, because that includes the Gulf of Mexico. And if you decide not to allow permitting in the Gulf of Mexico any more, you're basically going to shut down that area."
Limits on offshore drilling were put in place during the Obama Administration when Biden was Vice President. This change was done with executive orders, bypassing Congress. Dr. Scott says a repeat could spell trouble for exploration in the Gulf of Mexico.
Biden’s climate policy calls for the country to be carbon-neutral by 2050 and for the expansion of renewable energy jobs along with the rollback of fossil fuel-related industries.
Dr. Scott says that if you combine drilling, refining and pipeline work, more than 260,000 people are employed in this industry. He says New Orleans, Lafayette and Houma would be heavily impacted by any measure to stop drilling in the gulf.
Biden is not alone in calling for change. Governor Edwards has also vowed to see the state cut carbon emissions by 25% over the next five years, half within the next ten years, and be carbon neutral by 2050, a goal set by the Paris Climate Agreement.