Louisiana Senate Bill SR93

Louisiana 2010 Regular Session

• Introduced: 5/25/10
• Passed: 5/25/10

Caption

Recognizes the Haynesville Shale for its economic impact on the state.

Impact

The discussions surrounding SR93 highlight a critical period where the state was facing economic challenges, including a decrease in personal income and job losses. It is noted that without the beneficial effects of the Haynesville Shale, Louisiana's income would have seen an even steeper decline of 4.3%. The resolution further points out that shale activities not only created direct employment for over 4,300 individuals but also indirectly generated an increase in state employment by over 57,000 jobs, counteracting a statewide job loss trend.

Summary

Senate Resolution No. 93 recognizes the significance of the Haynesville Shale for its substantial economic impact on the state of Louisiana. The resolution notes that in 2009 alone, natural gas extraction activities in the Haynesville Shale resulted in approximately $10.6 billion in new business sales within the state. This significant economic output also translated into considerable household earnings for residents, totaling $5.7 billion, representing about 3.6% of the state's personal income during that time.

Sentiment

The sentiment around SR93 appears overwhelmingly positive, especially among stakeholders in the energy sector. Supporters view the resolution as necessary acknowledgment of the contributions made by the oil and gas industry to stabilize the state’s economy. This resolution promotes confidence in future investments and operations within the Haynesville Shale area, which proponents argue is crucial for continued economic health and sustainability in Louisiana.

Contention

While the resolution enjoys broad support, potential contention may arise surrounding the environmental implications of natural gas extraction and its socio-economic impact on local communities. Given the high revenue figures reported, some stakeholders may raise concerns over environmental management and the long-term benefits versus the immediate economic influx. Nonetheless, SR93 focuses primarily on celebrating the economic advantages brought forth by the shale rather than addressing these potential issues.