Energy secretary visits Louisiana; acknowledges fuel cost frustrations

NEW ORLEANS (WVUE) - The federal government is assisting part of the energy sector off Louisiana’s coast even as oil prices begin to fall.

On Thursday, Brent crude was $96 a barrel, while West Texas Intermediate was $89 a barrel.

Thousands of jobs in Louisiana are fueled by the oil and gas industry.

“As far as how it’s affecting Louisiana, the service companies, I mean, we’re able to charge more for our services when prices are good, so on one hand it’s good, and on the other hand it’s not good for the community still having to pay more for gas, so there’s got to be a nice, better median for somewhere around $80 oil would be great,” said Mike Moncla, president of the Louisiana Oil and Gas Association.

While gasoline prices have fallen from where they were just weeks ago, consumers are still paying more than they were at this time last year. According to AAA, the national average was $3.10 a gallon in November 2025, compared with $3.90 now.

“You know, a hundred, $110 it gets more expensive for the consumers, but at $80 it’s good enough to keep the service companies busy, the oil companies profitable and the consumers paying cheaper fuel,” Moncla said.

This week, the U.S. Department of Energy closed on a $480 million loan to Arena Energy, and Energy Secretary Chris Wright visited the Gulf of Mexico during his trip to Louisiana.

“In the shallow waters of the Gulf of Mexico there is not private capital for developing it anymore. If you’re a big company in the deep water, if you’re onshore there’s lots of available capital but there’s not capital of this nature for the shelf in the Gulf of Mexico, it’s virtually been abandoned,” Wright said during a press gaggle.

Arena Energy says the money will be put to good use.

“With this capital, we will retool, refurbish and repower these 22 existing platforms to facilitate additional drilling. “wright says jobs will be created,” said Michael Minarovic of Arena Energy.

Wright says jobs will be created.

“This kind of activity will create over 2, 000 jobs, most of those onshore here in Louisiana but also hundreds that are working offshore in the rigs and the production facilities out there,” he said.

“The shelf has been in a decline,” Moncla said.

FOX 8 asked Wright when gasoline and diesel prices would fall significantly.

“It’s been gradual, gasoline prices peaked about six weeks ago and dropped below $4 a gallon, average price today, they’ve been dropping for several weeks, and I expect them to continue to drop but I understand, you know, look engaging with Iran to end their nuclear program absolutely caused temporary rise in gasoline and diesel prices and people are frustrated,” he said.

Moncla agrees the war is affecting what consumers are paying.

“It’s really the war, you know, that’s causing that and the Strait of Hormuz disruptions but I think if we can get out of that war I think they’ll come down fairly drastically,” he said.

Still, amid tensions between the U.S. and Iran, Louisiana’s energy industry is helping other countries.

“About 65% of the nation’s LNG exports come from our state, of the four running facilities, so we’re a big part of the world’s, providing fuel for the world right here out of Louisiana,” Moncla said.

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