The fall in oil prices has already triggered major layoffs at some of our local industry giants. As the price per barrel continues to fall, some experts anticipate more cuts.
Frank Harrison, a 55-year-veteran in the oil and gas industry, says it’s virtually impossible to operate an oil and gas business at a major level right now. He says oil prices are so low, it’s hard to make a profit. “This is going to certainly accelerate layoffs and of course less activity.”
Harrison says Louisiana won’t be affected as much as places like Texas because the Lone Star state focuses more on drilling and fracking. “That’s not the type of operation we have here.”
When oil prices fall, gas normally follows, and Acadiana residents appreciate lower prices at the pump.
Alessandra Rodriguez, a Lafayette resident, says, “I know it is affecting some people with their jobs and offshore workers but, I think for the consumers it’s a really good thing.”
Harrison believes if the price per barrel can settle between the $60 and $70 range, we’ll see more oil related workers back in action. “Hopefully we’ll have a turnaround, a quick turnaround and we’ll get back to normal operations.”
Harrison says as long as barrel prices fall, companies will have cutbacks. However, he remains optimistic that the price will go up. Everyone’s question is “when?”