Oil landscape shifts sharply as Louisiana looks to an uncertain future

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A U.S. Energy Information Agency report issued Friday said the energy component in Standard and Poor’s Goldman Sachs Commodity Index fell 11 percent for the first six months of 2017. WTI prices fell 12 percent in the year’s first half; Brent prices, reflecting Europe’s market, fell 14.

“Right now, it’s the most fascinating industry in the world to be in,” said Don Briggs, president of the Louisiana Oil & Gas Association. “But it’s difficult for anyone to understand where this will play out.”

Sinking crude oil prices in late 2014 were exacerbated by an Organization of Petroleum Exporting Countries plan to flood the world market with crude oil and drive down global prices. There was a goal: OPEC members, who produced oil cheaply, believed they could force U.S. shale play oil producers, for whom it was more costly to produce crude oil, out of the global market and regain market share for themselves…

 

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