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The local economy is still not where most businessmen and businesswomen would like it to be, thanks largely to a prolonged lull in the oil and gas industry.
But there are slow, steady signs that things are getting a little bit better, which is giving optimism to many involved in the business throughout the Houma-Thibodaux area.
Experts say that they believe the oil and gas industry has bottomed out, and that a slow, gradual buildup has been taking place for the past several months.
Numbers reflect that statement.
Last week, there were 754 active drilling rigs in the United States – three more than there were last week.
Last year in the final week of February, that number was just north of 500 active rigs – a more than 250-rig increase in the 365-day stretch.
The price of oil has also slowly worked its way up, as well.
The valuable natural resource was traded at around $42 per barrel throughout March 2016. At press-time on Thursday night, the price was higher, hovering around $53-54 per barrel on a given day.
The increases are good for business locally, but folks in the industry still think a greater increase will come in the future.
Port Fourchon Executive Director Chett Chiasson said recently that forecasts predict the industry will recover in the future. The question plaquing everyone right now is just when that turnaround will take place.
“We all think it will come back,” Chiasson said. “History shows us that when it dips, it always finds a way to pop back up, and sometimes when it does, it reaches heights we’ve not seen before. Our industry is resilient, and we fully expect continued growth into the future.”
