LAFAYETTE, La. (KLFY) – After Trump’s election victory, the stock market fell then rose, recovering after Tuesday night’s election.
This shock to the stock market also affected oil prices as well. According to Gifford Briggs, the acting president for the Louisiana Oil and Gas Industry, said day-to-day prices changes for oil are not something to be as concerned over.
“Oil is traded on a global market. It’s a worldwide commodity. So the minute-by-minute impact on the stock market don’t have much of an effect on the price of oil from a day-to-day basis,” Briggs said.
According to Briggs, Trump’s policies may bring more opportunities for the oil and gas industry in Louisiana.
“Certainly when you’re comparing the two, President-Elect Trump had a much more vocal support for the oil and gas industry and really the energy industry as a whole,” Briggs said.
Michael Saucier works on deep water oil rigs. Saucier said he is hopeful for Trump’s presidency and legislation for the oil industry.
“Things are slowly picking up and I believe that since he is now elected he has a little bit more conservative ways in the oil field and I’m hoping that he has a better output and we can have more going for us in the future,” Saucier said.
Briggs also added Louisiana could start to see more oil and gas jobs.
“Opening up the eastern Gulf of Mexico so that you see some intense exploration would help all those communities in coastal Louisiana. And they’ve been some of the hardest hit by the current economic downturn by the oil and gas industry, much needed jobs could immediately come back to work there,” Briggs said.