More layoffs, bankruptcies hit La. oil industry

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Louisiana's oil and gas industry continues to suffer during the economic crisis triggered by the coronavirus and depressed prices.

In recent weeks, thousands of oilfield workers have filed for unemployment benefits and several companies have filed for bankruptcy.

Louisiana Oil and Gas Association President Gifford Briggs said more oil-related business closures are likely unless the state reopens the economy and creates a more hospitable environment for producers.

"As the industry faces an unprecedented crisis, it crystalizes the fact that Louisiana's legal climate, regulatory framework and tax structure form an untenable, unsteady foundation for the independent oil and gas producer in this state," Briggs said. "Sadly, more closures are on the horizon, which is why it is critical that we open the economy safely as swiftly as possible."

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