Energy

Link to bloomberg.com Fracking Profits Finally Blossoming After Decade of Steep Losses 

From 2020 to the end of the second quarter, they’ll have reaped more than $85 billion, according to estimates, and the gains are forecast to continue at least through the rest of this year.

It’s a vindication of the sector’s new business model that prizes profits over production growth. For consumers, it’s a sign that shale is no longer willing to fund money-losing drilling projects that ensured years of ample crude and natural gas supplies.

Source: Bloomberg

Link to nola.com What happened to Louisiana’s economy? New data shows big slump.

Data from the first quarter of the year has UL economist Gary Wagner forecasting a bad situation getting worse for Louisiana’s economy: 

The state’s real gross domestic product fell by 4.3% on an annualized basis in the first quarter of this year, almost three times steeper than the U.S. economy. Only five other states posted a sharper contraction.

“It’s probably hard to imagine a report that’s worse right now,” said Gary Wagner, an economist at the University of Louisiana at Lafayette, who found declines in almost every state and many industries. “I think there’s a 50-50 chance we’re in a recession.”

Source: nola.com