port fourchon

clipped from: www.2theadvocate.com

Study: Port Fourchon crucial

Interruption of service would cost U.S. economy billions
# By TED GRIGGS

Port Fourchon services 90 percent of the deepwater rigs in the Gulf of Mexico, and even a brief interruption of services would cost the U.S. economy billions of dollars and thousands of jobs, a study released Thursday shows.

help convince Congress to fund upgrades and repairs to the area’s levee system and the $250 million shortfall for an elevated highway and bridge from Golden Meadow to Port Fourchon

Conservatively, the shutdown would result in the loss of:

* Nearly $10 billion in sales at U.S. firms
* $2.89 billion in household earnings
* 77,740 jobs nationwide


Today, the loss from oil and gas would be close to $1 billion a day in the Lafourche Corridor

in 2006 about $63.4 billion worth of oil and natural gas was tied to Port Fourchon via LOOP and the offshore platforms the port helps to service. In addition to the deepwater platforms, the port services around 45 percent of all shallow-water rigs in the Gulf.

When hurricanes Katrina and Rita struck, shutting down production from wells in the Gulf, the price of gasoline shot up an average of 75 cents per gallon. The wellhead spot price of natural gas jumped from $6.48 per thousand cubic feet in August 2005 to $8.96 in September, $10.35 in October and to $9.91 in November.