NEW ORLEANS (WVUE) – Energy demands and costs are hot topics as energy industry executives, public officials and others gathered in New Orleans on Thursday for the Louisiana Economic and Energy Security Summit.
“First, for context, energy security is national security,” said Sen. Bill Cassidy, R-La.
Cassidy took part in the event.
“We have a good energy policy. Our emissions are coming down,” he said during a FOX 8 interview at the event.
Thousands of jobs in Louisiana are tied to the oil and gas industry.
“Right now, in Louisiana, we are kind of on the vanguard of where energy policy in the U.S. is. We’re very much natural gas-oriented, which is, as I’ve mentioned earlier, lowered U.S. emissions. But it’s also creating jobs in the production of the natural gas. And it’s also the feedstock for all our chemical industry,” said Cassidy. “So, in every way we are benefiting from U.S. energy policy, I would argue we need more of it.”
The American Council for Capital Formation (ACCF) hosted the event.
“Well, we are here to create a venue for Louisiana stakeholders, industry and elsewhere, but something that is inclusive and open to the public to engage in a conversation related to the importance of Louisiana and U.S. economic and energy security,” said George David Banks, president and CEO of the American Council for Capital Formation.
The discussions come as gasoline and diesel prices remain higher than many people would like.
Banks said the issue is part of the discussions.
“Oh, it certainly comes up. I mean, you can’t escape that, right? I mean, look, when you’re looking at a state like Louisiana that’s trying to build up its manufacturing and industrial base, the key to a competitive industry, whether I guess there are a few, but certainly access to abundant, affordable, reliable energy is one of the most important things that you can have to be competitive in the global economy,” he said.
FOX 8 asked Cassidy what he thinks President Donald Trump should do to bring down fuel prices.
“Until the war in Iran ends, it’s going to be difficult, because a lot of the refined products are coming out of the Gulf. And so, yes, we can get oil out, but we’re not getting diesel out. And U.S. refining capacity here in the United States has decreased over the years,” Cassidy said. “So we need that diesel to keep the prices low. For our prices to come down, the president has to figure out how to end that war.”
Data centers across the U.S. require significant amounts of electricity.
“The president has asked that these data centers come up with mechanisms by which they do not increase utility prices.”
Cassidy referenced an announcement by Venture Global.
“That Venture Global may come up with an energy plant next to the Meta Center in Northeast Louisiana that would not pull off the grid, but would provide them with energy directly,” he said. “So there is a way to put those data centers in and to minimize or indeed have no impact upon rates that everyone else pays, and we should push them to do that.”
Banks does not believe stopping the growth of data centers is the answer.
“You’ve got some folks out there who are saying we should curtail data centers in order to keep energy prices lower. I think that addressing the problem that way is short-sighted,” Banks said. “I think what we need to do, we need to get our act together to be able to build out our energy system in order to create more supply to meet that demand.”
Recently, Trump said he had struck a deal with Russian President Vladimir Putin to import tons of Russian diesel to the U.S., but the move has drawn bipartisan criticism from members of Congress.
“I think it’s a bad idea. It is giving a lifeline to Russia, who’s helping Iran, but it won’t really lower our diesel prices. It’s the worst of both worlds, in which the friend of our enemy has helped, but we don’t get lower diesel prices. And, by the way, I also disagree with him going after Ukraine, because Ukraine is actually our ally in the war in the Middle East, giving us technology and teaching us how to use it to protect our troops better,” Cassidy said.
The energy summit wraps up Friday.
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