Cheer up, Louisiana. The oil recession is about to be over.
That means companies should be re-hiring and going to work full time in the near future. It comes after some two years of restricted budgets and layoffs from local oil companies here and throughout the nation.
Some two years ago, the price of crude oil suffered cuts from more than $100 a barrel to below $30 which caused idle rigs and layoffs that totaled some 150,000 workers in the country. More oil and gas is expected to be pumped by companies this year which should bring a need for more workers and production expenses.
Crude prices reportedly are expected to increase to an average pf $70 a barrel this year which is up from about $43 last year. Last Friday, prices reportedly were above $52 a barrel. Oil companies are beginning to announce bigger budgets this year over 2016.
Oil prices stabilized somewhat in the fall of last year. Oil companies have announced that advanced technology in production made some gains while prices were down that allowed them to survive at $55 a barrel.
Now, most oil people believe the worst is behind them and much progress faces them in the future. And Louisiana should restore it’s oil industry in the future.