WEBVTT

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>>> SUPPORT FOR THIS PROGRAM IS

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PROVIDED BY THE FOUNDATION FOR

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EXCELLENCE IN LOUISIANA PUBLIC

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BROADCASTING AND FROM VIEWERS

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LIKE YOU.

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**

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>>> HELLO AND WELCOME TO

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"LOUISIANA PUBLIC SQUARE," I'M

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BETH COURTNEY, PRESIDENT OF THE

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LPB.

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>> GOOD EVENING, I'M CARL

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REDMAN, RETIRED EXECUTIVE EDITOR

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OF THE "ADVOCATE" NEWSPAPER.

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>>> IF YOU'VE BEEN TO THE GAS

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STATION ANY TIME IN THE LAST SIX

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MONTHS, FEWER DOLLARS PER GALLON

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TO TREND YOUR TANK.

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THIS IS DUE TO SUBSTANTIAL DROPS

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IN THE PRICE OF A BARREL OF OIL.

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TONIGHT WE'LL LOOK AT SOME OF

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THE FACTORS CAUSING THAT DROP

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AND WHAT THESE PRICE COULD SAY

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MEAN FOR LOUISIANA.

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>>> THE OIL AND GAS INDUSTRY

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ACCOUNTS FOR NEARLY 290,000 JOBS

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IN THE STATE.

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THE STATE BUDGET STILL RELIES ON

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12% OF ITS INCOME FROM OIL AND

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GAS DOLLARS.

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>>> FOR LOSE RESIDENTS GRATEFUL

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TO BE PAYING LESS AT THE

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GASOLINE PUMP, ECONOMIST LOREN

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SCOTT SAYS HE KNOWS WHO TO

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THANK.

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>> ANY TIME I SEE THE PRICE OF

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OIL DROP FAST, THE WAY IT HAS

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NOW, I'LL LOOK ONE PLACE, TO THE

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SAUDIS.

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>> SCOTT SAYS THE LAST BIG DROP

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WAS IN THE EARLY EIGHTIES BY

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SAUDI ARABIA.

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TO REESTABLISH DISCIPLINE IN THE

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ORGANIZATION OF PETROLEUM

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EXPORTING COUNTRIES OR OPEC.

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THE MOST RECENT PRICE DECREASE

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WAS TRIGGERED BY FALLING DEMAND

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BY THE U.S. FOR INTERNATIONAL

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CRUDE.

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>> THIS TRACKING PHENOMENON ON

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THE OIL SAID CAUSED U.S.

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PRODUCTION TO RISE SINCE 2008,

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70%.

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WHAT THAT MEANT WAS, INSTEAD OF

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US EXPORTING 66% OF THE CRUDE

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THAT WE BRING IN, WE'RE ONLY

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IMPORTS 44% OF THE CRUDE WE

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BROUGHT IN.

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>> IN THE SUMMER THE DEPARTMENT

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OF COMMERCE RULES U.S. COMPANIES

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COULD GUN EXPORT U.S. OIL AND

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DIESEL AND GASOLINE.

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>> FIRST OF ALL, YOU TOOK AWAY A

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BIG SHARE OF OUR U.S. MARKET,

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YOUR APARTMENTING ONLY 40% NOW

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INSTEAD OF 60%.

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NOW-YEAR GOING AFTER THE

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INTERNATIONAL MARKET?

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I DON'T THINK SO.

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THEY DROPPED THE PRICE OF OIL.

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>> CRUDE OIL PRICE VS. DROPPED

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FROM A HIVE NEARLY $110 A BARREL

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LAST YEAR TO THE LOW 50s THIS

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MONTH.

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I'LLFIELD SERVICE PROVIDE BAKER

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HUGHES HAS ANNOUNCED IT'LL CUT

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7,000 POSITIONS NATIONWIDE

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INCLUDING LAYOFFS IN HOUMA AND

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LAFAYETTE.

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>> THE GOOD NEWS FOR US IS NOT

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HAPPENING HERE NEARLY IN THE

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SAME ORDER FOR TWO REASONS.

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NUMBER ONE, OUR MAIN OIL SHALE

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IS TUSCALOOSA, THERE WEREN'T

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VERY MANY RIGS OPERATING THERE

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IN THE FIRST PLACE, TALKING IN

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THE TEENS PROBABLY.

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EVEN 92 SHUT IT TOTALLY DOWN

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YOU'RE NOT TALKING ABOUT THAT

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BIG A HIT.

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>> SECONDLY, SCOTT SAYS THE

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RECENT PRICE CUT WON'T AFFECT

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LOUISIANA'S OFFSHORE DRILLING

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ACTIVITY.

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>> THOSE BIG COMPANIES THAT

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OPERATE OUT THERE LIKE B.P.,

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EXXON AND SHELL, THEY HAVE A

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10-YEAR PLANNING HORIZON.

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THEY ARE NOT GONNA CHANGE THEIR

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PLANS BASED ON WHAT HAPPENS IN A

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SIX-MONTH TIME PERIOD.

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>> BUT TO FULLY UNDERSTAND THE

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IMPACT OF DROPPING OIL PRICES ON

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LOUISIANA'S ECONOMY, YOU HAVE TO

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CONSIDER THE NATURAL GAS

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DYNAMIC.

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OVER THE LAST FIVE YEARS THE

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PRICE OF NATURAL GAS HAS

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DECLINED FROM $12 PER UNIT TO

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THREE, A BOON TO THE STATEST

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LARGEST CONSUMERS OF NATURAL

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GAS, CHEMICAL COMPANIES.

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DAN BORNE IS PRESIDENT OF THE

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LOUISIANA CHEMICAL ASSOCIATION.

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>> THE CHEMICAL INDUSTRY IN

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LOUISIANA USES NATURAL GAS LIKE

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A BAKERY SHOP USES FLOUR.

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WE USE TO IT CREATE ELECTRICITY

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IN OUR PLANTS.

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WE USE TO IT GENERATE STEAM AND

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HEAT FOR OUR PROCESSES.

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BUT MORE IMPORTANTLY THAN THAT

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WE USE IT AS RAW MATERIAL, A

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BASIC FEEDSTOCK FROM WHICH OTHER

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PRODUCTS FLOW.

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>>> BUT THE PRICE OF NATURAL GAS

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HASN'T DROPPED IN EUROPE SO

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CHEAPER AMERICAN CHEMICAL

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PRODUCTS HAVE GAINED MARKET

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SHARE OVERSEAS.

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LOW NATURAL GAS PRICE VS. ALSO

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ATTRACTED TREMENDOUS INVESTMENT

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INTO THE STATE, SCOTT SAYS.

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>> THIS HAS JUST SUDDENLY CAUSED

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US TO GO FROM A SITUATION WHERE

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IN A REEEALLY GOOD YEAR, IF WE

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HAD $5 BILLION IN INDUSTRIAL

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ANNOUNCEMENTS THAT WOULD HAVE

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REALLY BEEN GREAT.

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IT WOULDN'T BEEN A GREAT YEAR.

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WE HAVE HAD $120 BILLION OF

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ANNOUNCEMENTS IN OUR STATE, JUST

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UNHEARD OF.

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>> THIS INCLUDES SIX LIQUID TO

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GAS EXPORT FACILITIES IN CAL IS

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A SUE PARISH ALONE.

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A HEALTHY RATIO WOULD BE IF THE

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PRICE OF A BARREL OF OIL IS AT

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LEAST SEVEN TIMES GREATER THAN

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THE PRICE OF WHAT WE CALL AN

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MMBTU OF NATURAL GAS.

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THAT'S ONE UNIT OF NATURAL GAS.

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IF OIL IS AT $60 A BARREL AND AN

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MMBTU OF NATURAL GAS IS AT $3 AN

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MCF, THAT'S A 20 TO 1 RATIO.

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SO ANYTHING SEVEN TO ONE OR

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GREATER IS GOOD FOR LOUISIANA

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AND GOOD FOR THE GULF COAST.

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>> WITH THE RATIO DROPPING THIS

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MONTH TO AROUND 18 TO ONE, SOUTH

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AFRICAN ENERGY SASOL PUT ITS

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ENERGY PLANTS ON HOLD.

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>> IT'S CAUSED THEM TO TAKE IT

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FROM THE FOOD AND PUT IT ON THE

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SELLLARITY AND THEY ARE TAPPING

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ON THE BRAKE.

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>> LOUISIANA OFFERED SASOL $257

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MILLION IN SUBSIDIES TO RECRUIT

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THEM TO THE STATE.

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FOR STEVE SPIRES WITH LOUISIANA

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BUDGET PROJECT, THE PLANT DELAY

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SERVES AS A TEACHING MOMENT.

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>> THERE'S NO TAX INCENTIVE

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THAT'S MORE POWERFUL THAN MARKET

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FORCES.

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WHAT WE THINK STATE GOVERNMENT

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SHOULD LOOK AT IS HOW TO INVEST

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AND FURTHER DIVERSIFY THE

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ECONOMY.

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EVERY TIME WE GIVE A BUSINESS

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TAX BREAK WE HAVE LESS DOLLARS

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TO INVEST IN THOSE THINGS.

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>> AT THIS POINT I THINK WE

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SHOULD PUT EVERYTHING ON THE

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TABLE.

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>> REPRESENTATIVE BRETT GEYMANN

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IS A REPUBLICAN MEMBER OF THE

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APPROPRIATIONS COMMITTEE.

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HE SAYS WITH THE LEGISLATURE

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FACING A KANSAS CITY 1.6 BILLION

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BUDGET GAP IT'LL NEED TO MAKE

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SOME TOUGH POLITICAL DECISIONS,

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INCLUDING POSSIBLY SCALING BACK

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TAX INCENTIVES.

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STATE GOVERNMENT DEPENDS ON 13%

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OF ITS REVENUE FROM OIL AND GAS.

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DROPPING OIL PRICES, GEYMANN

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SAYS, DON'T MAKE THINGS ANY

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EASIER.

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>> OUR BUDGET WAS ORIGINALLY

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FORECASTED ON $94 A BARREL.

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AND OF COURSE AS WE KNOW IT'S

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AROUND 50 OR IN THE 40s

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CURRENTLY.

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THAT'S CAUSED A SEVERE PATROL.

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WE'VE DONE THAT BY USING

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ONE-TIME FUNDS TO PAY FOR THE

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ONGOING EXPENSES.

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THE PROBLEM IS THE FOLLOWING

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YEAR WE FACE THE SAME CHALLENGE

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AGAIN.

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WHAT WE NEED TO DO IS ONLY SPEND

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WHAT WE HAVE COMING IN, IN ORDER

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TO BALANCE THE BUDGET.

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>> JOINING US TO EXPLORE THE

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AFFECT THE DROPPING OIL PRICES

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ON THE STATE IS OUR STUDIO

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AUDIENCE.

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IT INCLUDES BRANCH AREA

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RESIDENTS, FORM REFINERY

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EMPLOYEES, UNIVERSITY OFFICIALS

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AND MEMBERS OF LOUISIANA'S

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LEGISLATIVE YOUTH ADVISORY

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COUNCIL FROM JENA, WINNFIELD AND

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SLIDELL.

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WE THANK EVERYONE FOR BEING HERE

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AND ALL OF YOU FOR TUNING IN.

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LSU'S PUBLIC POLICY RESEARCH LAB

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SURVEYED LOUISIANA CITIZENS ON

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TONIGHT'S TOPIC.

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58% SAID THEY WERE SPENDING IT

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ON OTHER THINGS.

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58% THAT I TER SPENDING IT, 33%

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SAY THEY ARE SAVING THE OF EXTRA

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MONEY.

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IN LIGHT OF LOWER PRICES AT THE

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PUMP, THOSE SURVEYED WERE ASKED

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ABOUT THEIR SUPPORT FOR AN

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INCREASE IN THE STATE'S TAX ON

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GASOLINE WITH MONEY DEDICATED TO

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IMPROVING THE STATE'S

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INFRASTRUCTURE.

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57% OF RESPONDENTS FAVOR THE

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IDEA, 36% OPPOSE IT.

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7% WERE UNSURE.

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WHEN ASKED WHAT EFFECT GASOLINE

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PRICES DROPPING BY OWN A DOLLAR

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A GALLON SINCE LAST YEAR HAS HAD

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ON LOUISIANA'S ECONOMY, A TOTAL

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OF 45% SAID VERY OR SOMEWHAT

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POSITIVE, 10% SAID NEITHER

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POSITIVE NOR NEGATIVE, AND A

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TOTAL OF 38% SAID VERY OR

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SOMEWHAT POSITIVE, 8% WERE

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UNSURE.

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SO LET'S START THERE, IN

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LOUISIANA DO THE WINNERS

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OUTNUMBER THE ALLUDESSERS FROM

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DROPPING OIL PRICES?

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AND IS THIS JUST A BUMP IN THE

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ROAD OR A MAJOR BLOW TO OUR

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STATE'S ECONOMY?

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>>  M.

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>> I THINK IT'S A MAJOR BUMP IN

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THE ROAD.

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HIGHER EDUCATION WILL SEE ABOUT

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$500 BILLION ACCORDING TO WHAT

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WE EXPECT TO SEE IN THE BUDGET

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ON FRIDAY.

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THAT'S HUGE.

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IT'S NOT SOMETHING THAT IS GOING

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HAPPEN JUST ONCE, IT'S HAPPENING

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YEAR AFTER YEAR, OR AT LEAST

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OVER A LONG PERIOD OF TIME.

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SOMETHING WE CAN EXPECT THAT

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WHEN OIL PRICES DROP WE'RE GOING

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TO BE HURT.

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WE'LL PROBABLY BE DEVASTATED AS

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A RESULT.

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>> HIGHER EDUCATION HAS BEEN HIT

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WITH BUDGET CUTS OVER THE LAST

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FEW YEARS, FUNDING HAS BEEN VERY

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SPARSE.

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HOW LONG DO YOU THINK THIS IS

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GOING LAST?

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>> SO WE COME UP WITH A SOLUTION

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THAT'S GOING FIX THE PROBLEM.

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OIL PRICE GOES UP, THEY GO DOWN.

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I THINK OUR LEGISLATURE, OUR

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GOVERNOR NEED TO COME UP WITH A

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SOLUTION THAT'S LONG TERM,

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THAT'S SUSTAINABLE AND IT'S

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GOING WITH STAND WHEN WE HAVE

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THESE HUGE DROPS IN OIL PRICES.

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>> WHAT KIND OF SOLUTION MIGHT

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THAT BE?

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HERALD, YOU WERE IN STATE

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GOVERNMENT, WHAT DO YOU THINK?

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IS A SOLUTION POSSIBLE FOR STATE

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GOVERNMENT?

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>> I THINK SCIEN THE LONG TERM

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BUT IT'S GOING TO TAKE REAL

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STRUCTURAL CHANGES, WHICH OUR

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COMMISSIONER OF ADMINISTRATION

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PROMISED US ON FRIDAY.

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>> WE'LL WAIT TO SEE WHAT THOSE

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ARE.

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I HOPE THEY ARE LONG TERM.

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>> IN AN ELECTION YEAR DO YOU

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THINK THAT'S POSSIBLE?

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>> THAT'S A GOOD GUESS.

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LONG TERM PLANNING AND

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GOVERNMENT IS FOUR YEARS'

11:19.500 --> 11:20.500
ELECTED OFFICE.

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THAT'S ABOUT IT, I DON'T KNOW.

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>> DONALD, YOU'RE WITH THE

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SOUTHERN BUSINESS SCHOOL.

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>> I THINK WE NEED A MORE

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ENLIGHTENED APPROACH TO THE

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BUDGET, ESPECIALLY WHEN WE TALK

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ABOUT OIL.

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THIS IS A PERMANENT ASSET AND WE

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BASICALLY SHOULDN'T BE SPENDING

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IT ON CURRENT USES.

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IF WE FOLLOW WHAT SOME OF THE

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SCANDINAVIAN COUNTRY VS. DONE,

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ESPECIALLY NORWAY, THEY HAVE PUT

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THEIR OIL REVENUES IN A

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PERMANENT FUND AND ONLY WITHDRAW

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CERTAIN AMOUNTS EACH YEAR.

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I'M THINKING AN APPROACH LIKE

11:53.500 --> 11:54.033
THAT.

11:54.033 --> 11:56.667
WE NEED TO PRIORITIZE OUR

11:56.667 --> 11:57.700
SPENDING TERMS WHAT IS A

11:57.700 --> 11:58.433
PRIORITY.

11:58.433 --> 12:00.600
EDUCATION, HEALTH, HIGHWAYS,

12:00.600 --> 12:01.667
THINGS OF THAT NATURE THAT NEED

12:01.667 --> 12:03.800
TO BE PAID FOR.

12:03.800 --> 12:06.933
>> I SPENT 16 YEARS COVERING THE

12:06.933 --> 12:08.800
LEGISLATURE AT WHAT WE USED TO

12:08.800 --> 12:11.800
CALL IT BIG POINTY BUILDING, THE

12:11.800 --> 12:12.367
CAPITOL.

12:12.367 --> 12:14.033
THE FIRST YEAR I WENT THERE WAS

12:14.033 --> 12:14.533
1985.

12:14.533 --> 12:18.200
THE BIG THING WAS A $800 MILLION

12:18.200 --> 12:18.700
SHORTFALL.

12:18.700 --> 12:21.333
EVERY YEAR THERE'S A SHORTFALL,

12:21.333 --> 12:23.800
HUNDREDS OF MILLIONS, SOMETIMES

12:23.800 --> 12:25.433
OVER A BILLION DOLLARS.

12:25.433 --> 12:26.967
YOU'D THINK THE PUBLIC WOULDN'T

12:26.967 --> 12:28.767
BELIEVE THERE'S A SHORTFALL OR A

12:28.767 --> 12:31.033
PROBLEM WITH STATE FINANCES.

12:31.033 --> 12:32.733
SOMEHOW OR ANOTHER THEY WILL BE

12:32.733 --> 12:35.700
BAILED OUT.

12:35.700 --> 12:39.500
>> TYRONN LUE IT'S ROBEY.

12:39.500 --> 12:40.800
>> YOU CAN TAKE ME FISHING

12:40.800 --> 12:41.333
SOMETIMES.

12:41.333 --> 12:44.400
>> NO, I THINK THE PROBLEM IS

12:44.400 --> 12:48.200
NOT GOING GET ANY EASIER.

12:48.200 --> 12:49.767
CONDITIONS ARE SUCH THAT CRUDE

12:49.767 --> 12:51.033
PRICES ARE GOING TO BE UP AND

12:51.033 --> 12:52.900
DOWN FOR MANY YEARS TO COME.

12:52.900 --> 12:54.933
YOU LOOK AT THE PULL-OUT OF

12:54.933 --> 12:56.600
CRUDE PRICES OVER THE PAST

12:56.600 --> 12:59.333
SEVERAL DECADES, IT WAS PRETTY

12:59.333 --> 13:00.867
STEADY UNTIL WE HAD THE FIRST

13:00.867 --> 13:03.567
WAR IN THE GULF.

13:03.567 --> 13:05.733
SO I THINK WHATEVER PLAN WE COME

13:05.733 --> 13:08.433
UP WITH, WE'RE GOING TO NEED A

13:08.433 --> 13:10.900
LEVELING FACTOR THAT WILL CARRY

13:10.900 --> 13:15.267
THE GOVERNMENT, WHETHER IT'S

13:15.267 --> 13:16.700
SETTING ASIDE MONEY OR

13:16.700 --> 13:18.300
READJUSTING THE BUDGET, IT'S

13:18.300 --> 13:19.300
HARD TO SAY.

13:19.300 --> 13:20.633
>> THE ANALYST WHOSE HAVE BEEN

13:20.633 --> 13:21.967
LOOKING AT THIS SITUATION AROUND

13:21.967 --> 13:23.867
THE WORLD ARE PRETTY UNIFIED IN

13:23.867 --> 13:25.267
SAYING THAT THE PEOPLE WHO ARE

13:25.267 --> 13:27.300
WINNING AND THE PEOPLE WHO ARE

13:27.300 --> 13:29.333
LOSING, AMONG THE LOSERS ARE THE

13:29.333 --> 13:32.167
BIG OIL PRODUCING COUNTRIES WHO

13:32.167 --> 13:35.500
HAVE UNSTABLE ECONOMIES.

13:35.500 --> 13:37.700
VENEZUELA, RUSSIA, IRAN.

13:37.700 --> 13:39.900
DOES LOUISIANA FIT IN THAT MIX?

13:39.900 --> 13:41.533
IS OUR FUNDAMENTAL ECONOMY SO

13:41.533 --> 13:43.433
UNSOUND THAT WE ARE DOOMED TO

13:43.433 --> 13:50.900
THIS SORT OF YO-YO?

13:50.900 --> 13:52.400
>> I'M FROM JENA.

13:52.400 --> 13:54.267
SOME OF THESE OTHER FOLKS HAVE

13:54.267 --> 13:55.433
GOOD BACKGROUNDS IN OUR STATE

13:55.433 --> 13:56.567
GOVERNMENT AND IN OUR RESEARCH

13:56.567 --> 13:58.733
AND IN OUR EDUCATIONAL SYSTEM.

13:58.733 --> 14:01.500
I COME FROM INDUSTRY AND

14:01.500 --> 14:02.067
ENGINEERING.

14:02.067 --> 14:03.800
SO I MAY HAVE A DIFFERENT

14:03.800 --> 14:05.333
PERSPECTIVE ON CERTAIN ASPECTS.

14:05.333 --> 14:08.467
I VIEW OUR STATE AS BEING

14:08.467 --> 14:09.967
HEAVILY DEPENDENT UPON OIL

14:09.967 --> 14:12.200
PRICING, AND THE OIL AND GAS

14:12.200 --> 14:12.667
INDUSTRY.

14:12.667 --> 14:15.033
AND THEREFORE NOT ONLY THE

14:15.033 --> 14:16.467
STATE'S INCOME TO RUN OUR

14:16.467 --> 14:19.733
GOVERNMENT BUT ALSO THE INCOME

14:19.733 --> 14:21.733
INTO THE PRIVATE AND THE

14:21.733 --> 14:25.067
PERSONAL BUDGETS OF ITS

14:25.067 --> 14:25.600
CITIZENS.

14:25.600 --> 14:27.867
SO THEREFORE THEY ARE VERY

14:27.867 --> 14:29.600
CLOSELY -- BOTH ARE

14:29.600 --> 14:31.633
SIGNIFICANTLY IMPACTED BY THE

14:31.633 --> 14:35.200
PRICE OF PETROLEUM PRODUCTS.

14:35.200 --> 14:36.200
SPECIFICALLY CRUDE OIL.

14:36.200 --> 14:40.200
>> I THINK, THOUGH, INDIVIDUALLY

14:40.200 --> 14:42.067
AND AS PRODUCERS WE HAVE TO

14:42.067 --> 14:44.200
ANTICIPATE THAT THE BOOM DAYS

14:44.200 --> 14:47.467
MAY BE OVER AS FAR AS LONG TERM

14:47.467 --> 14:47.933
PLANNING.

14:47.933 --> 14:50.967
BUT WE MUST ANTICIPATE THAT

14:50.967 --> 14:53.733
SOMEWHERE IN THAT 70, $75 RANGE,

14:53.733 --> 14:56.200
THAT MAY BE WHERE EUPHORIA IS

14:56.200 --> 14:57.767
GOING TO BE FOR THE FORESEEABLE

14:57.767 --> 14:58.233
FUTURE.

14:58.233 --> 15:00.400
>> YOU RAISE A GOOD POINT ABOUT

15:00.400 --> 15:01.800
INDIVIDUAL RESPONSIBILITY AND

15:01.800 --> 15:04.033
INDIVIDUAL APPROACH TO THIS.

15:04.033 --> 15:07.133
HOW IS THIS AFFECTING Y'ALL

15:07.133 --> 15:07.733
INDIVIDUALLY?

15:07.733 --> 15:09.667
BRAD, YOU'RE A DIFFERENT

15:09.667 --> 15:10.733
GENERATION THAN ME, THIS IS

15:10.733 --> 15:12.133
PROBABLY THE FIRST TIME YOU'VE

15:12.133 --> 15:13.233
SEEN THIS KIND OF THING.

15:13.233 --> 15:16.400
WHAT'S YOUR TAKE ON IT?

15:16.400 --> 15:18.900
>> I THINK THAT THE OIL AND GAS

15:18.900 --> 15:21.300
PRICES ARE GOING TO FLUCTUATE

15:21.300 --> 15:22.967
WITHIN THE NEXT CUSTOM DECADES,

15:22.967 --> 15:25.000
I THINK THAT'S JUST WHAT COMES

15:25.000 --> 15:26.133
WITH THE INDUSTRY.

15:26.133 --> 15:30.400
AND I THINK THAT THE LOUISIANA

15:30.400 --> 15:35.633
LEGISLATURE AND THE NATIONAL

15:35.633 --> 15:39.267
GOVERNMENT HAVE TO MAKE

15:39.267 --> 15:41.200
LEGISLATION OR WORK ON A POLICY

15:41.200 --> 15:43.500
THAT ACCOMMODATES THESE SORTS OF

15:43.500 --> 15:44.600
FLUCTUATIONS OVER THE YEARS.

15:44.600 --> 15:47.000
>> YOU THINK THE FLUCTUATIONS

15:47.000 --> 15:49.167
WILL CONTINUE YEAR IN AND YEAR

15:49.167 --> 15:49.633
OUT.

15:49.633 --> 15:50.933
>> YES, SIR, THAT'S WHAT I

15:50.933 --> 15:52.500
THINK.

15:52.500 --> 15:55.033
>> JACOB, YOU'RE ALSO A YOUNGER

15:55.033 --> 15:57.200
GENERATION THAT HASN'T SEEN

15:57.200 --> 15:57.700
THIS.

15:57.700 --> 15:59.100
>> WHAT IS YOUR TAKE?

15:59.100 --> 16:01.800
>> YES, SIR, I AGREE WITH BRAD,

16:01.800 --> 16:04.300
I SEE IT FLUCTUATING, GOING UP

16:04.300 --> 16:07.633
AND DOWN IN THE FUTURE.

16:07.633 --> 16:10.267
OUR STATE SHOULD TRY TO NOT RELY

16:10.267 --> 16:11.800
SO HEAVILY ON THIS OIL AND GAS

16:11.800 --> 16:13.767
INDUSTRY AS A MAIN SOURCE OF

16:13.767 --> 16:16.700
INCOME, AND AS MR. DONALD SAID,

16:16.700 --> 16:18.900
MAYBE USING A DIFFERENT METHOD

16:18.900 --> 16:21.267
OF ACQUIRING THE TAXES AND

16:21.267 --> 16:23.800
STORING THEM AS A FUND.

16:23.800 --> 16:25.067
>> IF YOU DON'T HAVE THE OIL AND

16:25.067 --> 16:27.067
GAS REVENUE, YOU HAVE TO LOOK

16:27.067 --> 16:28.800
SOMEPLACE ELSE FOR A REVENUE.

16:28.800 --> 16:31.533
WE SAW IN THE SURVEY IT'S PRETTY

16:31.533 --> 16:33.633
WIDESPREAD SUPPORT FOR A

16:33.633 --> 16:34.867
GASOLINE TAX IF THE MONEY GOES

16:34.867 --> 16:36.100
TO HIGHWAYS.

16:36.100 --> 16:38.900
WOULD YOU BE WILLING TO PAY MORE

16:38.900 --> 16:41.933
AND HOW MUCH MORE IF YOU KNEW

16:41.933 --> 16:43.333
YOU'D GET BETTER ROADS?

16:43.333 --> 16:44.667
>> I'M A UNIQUE FOREIGN ANSWER

16:44.667 --> 16:46.100
THAT QUESTION.

16:46.100 --> 16:48.067
I TYRONN LUE DON'T DRIVE THAT

16:48.067 --> 16:50.067
MUCH, I TYRONN LUE BICYCLE A

16:50.067 --> 16:50.400
LOT.

16:50.400 --> 16:52.500
I DON'T HAVE A PROBLEM PAYING

16:52.500 --> 16:53.700
ADDITIONAL FUNDS FOR GASOLINE IF

16:53.700 --> 16:55.300
IT'S GOING TO SOMETHING THAT'S

16:55.300 --> 16:55.800
NECESSARY.

16:55.800 --> 16:58.833
I DO HAVE A PROBLEM SPENDING IT

16:58.833 --> 17:01.867
JUST TO GIVE EXTRA MONEY FOR NO

17:01.867 --> 17:02.767
GOOD REASON.

17:02.767 --> 17:04.533
BUT I DON'T HAVE A PROBLEM

17:04.533 --> 17:06.633
PAYING MORE FOR GAS IF IT'S

17:06.633 --> 17:08.400
GOING TO ASSIST THE RESIDENTS OF

17:08.400 --> 17:11.033
THE STATE OF LOUISIANA, NO.

17:11.033 --> 17:12.433
>> DOES ANYBODY HAVE ANY FAITH

17:12.433 --> 17:14.167
THAT THE LEGISLATURE IS GOING

17:14.167 --> 17:16.033
RAISE TAXES THIS YEAR TO CLOSE

17:16.033 --> 17:17.100
THIS GAP?

17:17.100 --> 17:18.667
>> I DON'T THINK YOU HAVE TO

17:18.667 --> 17:20.633
RAISE TAXES TO CLOSE THAT GAP.

17:20.633 --> 17:24.067
YOU KNOW THERE'S $7 BILLION

17:24.067 --> 17:25.633
WORTH OF TAX CREDITS LOUISIANA

17:25.633 --> 17:26.900
GIVES TO BUSINESSES AND

17:26.900 --> 17:28.900
INDUSTRIES TO HELP THEM BE

17:28.900 --> 17:30.233
SUCCESSFUL, WHICH IS GREAT.

17:30.233 --> 17:32.567
WE NEED MORE BUSINESS INDUSTRY

17:32.567 --> 17:35.833
TO BE SUCCESSFUL AND COME TO

17:35.833 --> 17:36.467
LOUISIANA.

17:36.467 --> 17:39.767
BUT WHEN YOU'VE GOT A $1.7

17:39.767 --> 17:41.033
BILLION HOLE, DON'T YOU THINK IT

17:41.033 --> 17:42.700
WOULD BE IMPORTANT TO CAREFULLY

17:42.700 --> 17:44.133
LOOK AT THOSE TAX CREDITS AND

17:44.133 --> 17:46.567
FIND A WAY TO ROLL SOME OF THAT

17:46.567 --> 17:48.567
BACK TO FILL THAT HOLE?

17:48.567 --> 17:50.600
SEEMS LIKE WE WOULD BE IN A MUCH

17:50.600 --> 17:52.733
BETTER SHAPE IF WE DID SOMETHING

17:52.733 --> 17:53.367
LIKE THAT.

17:53.367 --> 17:55.333
OUR OTHER ISSUE, JUST FORGET

17:55.333 --> 17:59.567
ABOUT OIL AND GAS AND THE

17:59.567 --> 18:00.067
FLUCTUATION.

18:00.067 --> 18:02.000
OUR OTHER ISSUE IS THE MAJORITY

18:02.000 --> 18:03.767
OF THE STATE BUDGET IS

18:03.767 --> 18:05.400
DEDICATED, ALL BUT HIGHER

18:05.400 --> 18:05.933
EDUCATION.

18:05.933 --> 18:07.067
EVERYBODY ELSE HAS A DEDICATION.

18:07.067 --> 18:09.367
IF YOU DEDICATE THE FUNDS AND

18:09.367 --> 18:12.667
YOU CAN'T CUT BUT FROM ONE SPOT,

18:12.667 --> 18:13.767
WE'RE IN A BAD SITUATION.

18:13.767 --> 18:16.333
WE NEED TO COME BACK FROM THE

18:16.333 --> 18:21.200
1970S LIKE WE DID IN 1973, DO A

18:21.200 --> 18:22.767
CONSTITUTIONAL CONVENTION AND

18:22.767 --> 18:24.400
UNDEDICATE THE FUNDS SO PEOPLE

18:24.400 --> 18:25.367
RUNNING STATE GOVERNMENT CAN

18:25.367 --> 18:28.067
DEAL WITH THE UPS AND DOWNS OF

18:28.067 --> 18:30.267
THE FLUCTUATIONS OF INCOMES AND

18:30.267 --> 18:32.167
LOWER PRICES AND THE HIGHER

18:32.167 --> 18:32.733
PRICES.

18:32.733 --> 18:34.133
>> WE'RE GOING STOP ON THAT

18:34.133 --> 18:34.600
NOTE.

18:34.600 --> 18:35.933
THAT'S ALL THE TIME WE HAVE FOR

18:35.933 --> 18:37.800
THIS PORTION OF OUR SHOW.

18:37.800 --> 18:39.367
WHEN WE RETURN WE WILL BE JOINED

18:39.367 --> 18:43.400
BY A PANEL OF EXPERTS TO FURTHER

18:43.400 --> 18:46.200
EXPLODE OIL PRICES AND

18:46.200 --> 18:50.833
LOUISIANA.

18:52.300 --> 18:53.167
>>> WELCOME BACK TO "LOUISIANA

18:53.167 --> 18:54.067
PUBLIC SQUARE."

18:54.067 --> 18:57.000
TONIGHT WE'RE DISCUSSING

18:57.000 --> 18:57.733
"DOLLARS PER BARREL: OIL PRICES

18:57.733 --> 19:00.433
AND LOUISIANA." OIL

19:00.433 --> 19:02.000
WE JUST HEARD GREAT POINTS FROM

19:02.000 --> 19:03.567
OUR STUDIO AUDIENCE.

19:03.567 --> 19:05.167
NOW OUR PANEL OF THE EXPERTS IS

19:05.167 --> 19:08.000
GOING TO WEIGH IN.

19:08.000 --> 19:08.967
GREG ALBRECHT HAS BEEN CHIEF

19:08.967 --> 19:09.967
ECONOMIST OF THE LEGISLATIVE

19:09.967 --> 19:11.900
FISCAL OFFICE SINCE 1991.

19:11.900 --> 19:13.900
IN THIS ROLE HE IS RESPONSIBLE

19:13.900 --> 19:15.900
FOR FORECASTING THE STATE'S

19:15.900 --> 19:17.533
MAJOR TAX REVENUES ESTIMATING

19:17.533 --> 19:19.767
THE FISCAL IMPACT OF TAX

19:19.767 --> 19:20.567
LEGISLATION.

19:20.567 --> 19:23.400
STATE SENATOR NORBERT CHABERT IS

19:23.400 --> 19:28.667
A REPUBLICAN FROM HOUMA.

19:28.667 --> 19:30.267
HIS AREA INCLUDES ALL OF THE

19:30.267 --> 19:36.133
COAST OF TERREBONNE AND

19:36.133 --> 19:39.067
LAFOURCHE PARISHES, MOST AREAS

19:39.067 --> 19:42.267
OF THE HOUMA-THIBODAUX REGION.

19:42.267 --> 19:44.633
HE HAS WORKED AS STEALSMAN IN

19:44.633 --> 19:47.300
THE OIL AND GAS SERVICES

19:47.300 --> 19:48.367
INDUSTRY.

19:48.367 --> 19:51.100
JAN MOLLER IS DIRECTOR OF THE

19:51.100 --> 19:53.033
LOUISIANA BUDGET PROJECT, WHICH

19:53.033 --> 19:54.533
MONITORS A REPORT ON STATE

19:54.533 --> 19:57.000
GOVERNMENT SPENDING AND HOW IT

19:57.000 --> 19:59.400
AFFECTS LOUISIANA'S LOW TO

19:59.400 --> 20:01.133
MODERATE INCOME FAMILIES.

20:01.133 --> 20:02.933
DAVID DISMUKES IS A PROFESSOR,

20:02.933 --> 20:04.500
EXECUTIVE DIRECTOR AND DIRECTOR

20:04.500 --> 20:08.300
OF POLICY ANALYSIS AT LSU'S

20:08.300 --> 20:09.600
CENTER FOR ENERGY STUDY.

20:09.600 --> 20:11.667
BEFORE WE GO TO OUR AUDIENCE

20:11.667 --> 20:13.033
QUESTIONS, I'D FIRST LIKE TO ASK

20:13.033 --> 20:14.467
EACH MEMBER OF THE PANEL,

20:14.467 --> 20:18.400
BRIEFLY FROM YOUR PERSPECTIVE,

20:18.400 --> 20:20.233
WHO IS HURT THE MOST?

20:20.233 --> 20:21.967
>> ARE THERE JOB LOSSES

20:21.967 --> 20:23.567
OCCURRING, THAT'S THE WORST KIND

20:23.567 --> 20:25.400
OF HURT THERE IS.

20:25.400 --> 20:27.233
BENEFITING THE MOST, JUST THE

20:27.233 --> 20:29.100
AVERAGE HOUSEHOLD, LOWER ENERGY

20:29.100 --> 20:30.967
PRICES AND PARTICULARLY GASOLINE

20:30.967 --> 20:33.100
PRICES IS MONEY IN PEOPLE'S

20:33.100 --> 20:33.500
POCKETS.

20:33.500 --> 20:36.200
A GOOD THING FOR MOST

20:36.200 --> 20:36.867
HOUSEHOLDS.

20:36.867 --> 20:39.067
>> PERSONALLY I THINK THERE

20:39.067 --> 20:40.900
REALLY ARE NO WINNERS IN

20:40.900 --> 20:42.100
LOUISIANA UNFORTUNATELY WHENEVER

20:42.100 --> 20:44.433
THE PRICE DROPS AS LOW AS IT

20:44.433 --> 20:46.733
HAS, AS SUDDENLY AS IT HAS.

20:46.733 --> 20:48.367
WE'RE SO INTERWOVEN IN THIS

20:48.367 --> 20:51.200
STATE FROM AN INDIRECT

20:51.200 --> 20:55.033
STANDPOINT ON A DEPENDENCY ON

20:55.033 --> 20:56.000
OIL AND GAS REVENUE.

20:56.000 --> 20:57.667
THE ECONOMY IS SO DEPENDENT,

20:57.667 --> 21:00.233
WHETHER YOU'RE WORKING AT PUBLIC

21:00.233 --> 21:01.900
UNIVERSITY DEPENDING ON STATE

21:01.900 --> 21:04.067
DOLLARS OR YOU'RE A WAITRESS IN

21:04.067 --> 21:05.933
A RESTAURANT WORKING MAYBE TWO

21:05.933 --> 21:06.433
JOBS.

21:06.433 --> 21:08.033
WHEN THE PRICE OF OIL DROPS IT

21:08.033 --> 21:10.233
HURTS THE ECONOMY AND HURTS

21:10.233 --> 21:10.667
EVERYBODY.

21:10.667 --> 21:12.700
>> I WOULD ECHO WITH A GREG

21:12.700 --> 21:13.333
SAID.

21:13.333 --> 21:14.933
LOSERS ARE THE FOLKS WHO WORK IN

21:14.933 --> 21:16.267
THE OIL AND GAS INDUSTRY.

21:16.267 --> 21:18.800
AND THE WINNERS ARE MOST

21:18.800 --> 21:19.967
HOUSEHOLDS IN LOUISIANA SEEING

21:19.967 --> 21:21.800
MORE MONEY IN THEIR POCKETS.

21:21.800 --> 21:23.867
I WOULD ADD TO THE LIST OF

21:23.867 --> 21:25.433
LOSERS, ARE THERE GOING TO BE

21:25.433 --> 21:26.633
PAINFUL BUDGET CUTS COMING,

21:26.633 --> 21:27.800
WE'LL LEARN ABOUT THEM LATER

21:27.800 --> 21:28.600
THIS WEEK.

21:28.600 --> 21:31.667
WE DON'T KNOW WHO OR HOW IT'S

21:31.667 --> 21:33.000
GOING AFFECT BUT THAT'S ALSO

21:33.000 --> 21:35.000
GOING TO AFFECT PEOPLE WHEN

21:35.000 --> 21:35.700
PRICES DROP.

21:35.700 --> 21:36.833
>> I'D HAVE TO AGREE.

21:36.833 --> 21:38.833
THE LOSERS ARE THOSE EMPLOYED IN

21:38.833 --> 21:40.567
THE SERVICE SECTOR HERE IN

21:40.567 --> 21:41.067
LOUISIANA.

21:41.067 --> 21:42.300
THE WINNERS ARE OBVIOUSLY GOING

21:42.300 --> 21:44.133
TO BE THE CONSUMERS IN THE STATE

21:44.133 --> 21:45.933
IN TERMS OF THE LOWER PRICES FOR

21:45.933 --> 21:49.033
RETAIL GASOLINE.

21:49.033 --> 21:51.133
>> YOU HAD A QUESTION YOU WANTED

21:51.133 --> 21:52.300
TO ASK THE PANEL?

21:52.300 --> 21:56.500
>> I REALLY WANTED TO ASK DR.

21:56.500 --> 21:57.700
DISMUKES, ONE OF THE THINGS THAT

21:57.700 --> 22:00.200
HAS HELPED PROPEL THE OIL

22:00.200 --> 22:01.733
INDUSTRY IN AMERICA IS THE FACT

22:01.733 --> 22:04.800
THAT WE HAVE THE ABILITY TO

22:04.800 --> 22:06.800
EXTRACT NATURAL GAS AND USE IT

22:06.800 --> 22:11.133
IN OUR BOILERS AND OTHER

22:11.133 --> 22:11.733
EQUIPMENT.

22:11.733 --> 22:13.567
WE EXTRACT IT AS A LOWER PRICE

22:13.567 --> 22:15.167
BECAUSE WE CAN USE FRACKING.

22:15.167 --> 22:19.167
THE E.U. HAS STRINGENT LAWS AND

22:19.167 --> 22:21.733
REGULATIONS AGAINST FRACKING.

22:21.733 --> 22:24.800
HOWEVER, IF THEY WERE TO RELAX

22:24.800 --> 22:28.300
THOSE RESTRAINTS, QUITE

22:28.300 --> 22:30.267
DRASTICALLY IMPACT WHAT THEY ARE

22:30.267 --> 22:31.900
ABLE TO SELL OIL FOR.

22:31.900 --> 22:34.400
I'M JUST WONDERING, WHAT WOULD

22:34.400 --> 22:36.633
THAT DO TO OUR STATE AND TO THE

22:36.633 --> 22:38.500
AMERICAN ECONOMY AS A WHOLE?

22:38.500 --> 22:40.733
>> I THINK IT'S A GOOD QUESTION.

22:40.733 --> 22:42.333
ARE THERE A CONSIDERABLE AMOUNT

22:42.333 --> 22:43.967
OF UNCONVENTIONAL RESOURCES NOT

22:43.967 --> 22:46.167
ONLY IN WESTERN AND EASTERN

22:46.167 --> 22:47.600
EUROPE BUT IN CHINA AND OTHER

22:47.600 --> 22:48.600
PLACES IN THE WORLD.

22:48.600 --> 22:51.133
THEY ARE LOOKING VERY CAREFULLY

22:51.133 --> 22:52.967
AT NORTH AMERICA IN TERMS OF

22:52.967 --> 22:55.233
LEARNING HOW TO EXTRACT THESE

22:55.233 --> 22:57.067
APPROPRIATELY AND PRODUCTIVELY.

22:57.067 --> 22:58.933
THE SIMPLE FACT OF THE MATTER IS

22:58.933 --> 23:01.367
NORTH AMERICA IS THE PRIMARY

23:01.367 --> 23:04.233
PLACE YOU CAN FRAC AND EXTRACT

23:04.233 --> 23:06.100
THESE UNCONVENTIONAL RIGHT THE

23:06.100 --> 23:07.267
COST EFFECTIVELY.

23:07.267 --> 23:09.400
WE HAVE A VERY GOOD GEOLOGY FOR

23:09.400 --> 23:10.833
THAT, THE INFRASTRUCTURE AND THE

23:10.833 --> 23:11.333
ROADS.

23:11.333 --> 23:12.667
MOST IMPORTANTLY WE HAVE RULES

23:12.667 --> 23:14.867
AND REGULATIONS IN THE UNITED

23:14.867 --> 23:16.300
STATES AND A SYSTEM OF PROPERTY

23:16.300 --> 23:18.300
RIGHTS YOU DON'T HAVE IN OTHER

23:18.300 --> 23:19.833
PLACES OF THE WORLD.

23:19.833 --> 23:22.300
GOVERNMENT OWNS A LOT OF THOSE

23:22.300 --> 23:23.567
MINERAL RIGHTS AND YOU HAVE TO

23:23.567 --> 23:25.800
NEGOTIATE TO GO IN AND FRACTURE

23:25.800 --> 23:32.800
WELLS IF YOU'RE IN POSSESS LAND POLAND O

23:32.800 --> 23:33.167
EUROPE.

23:33.167 --> 23:34.367
>>> AS THEY MOVE FORWARD IN

23:34.367 --> 23:36.933
TIME, IT'S NOT A DRAMATIC CHANGE

23:36.933 --> 23:37.367
OVERNIGHT.

23:37.367 --> 23:38.667
ARE THERE OTHER COUNTRIES IN

23:38.667 --> 23:40.233
EUROPE LOOKING AT THIS.

23:40.233 --> 23:42.133
I THINK YOU'RE PROBABLY A GOOD

23:42.133 --> 23:44.667
FIVE TO 10 YEARS OFF EVEN IF

23:44.667 --> 23:45.900
PEOPLE WERE TO START TODAY.

23:45.900 --> 23:49.667
I THINK IT WOULD BE MORE

23:49.667 --> 23:50.333
BENEFICIAL IN TERMS OF

23:50.333 --> 23:51.333
DIVERSIFYING ENERGY SOURCES

23:51.333 --> 23:53.900
AROUND THE GLOBE BY HAVING MORE

23:53.900 --> 23:54.867
SELF-SUSTAINING PRODUCERS.

23:54.867 --> 23:56.467
>> I JUST WANTED TO ASK YOU, IN

23:56.467 --> 23:59.033
ADDITION TO THAT, SINCE NOT JUST

23:59.033 --> 24:02.167
THE OIL AND GAS BUT THE

24:02.167 --> 24:05.333
PETROCHEMICAL INDUSTRY, LIGHT

24:05.333 --> 24:08.100
HYDRO CARBONS AND SUCH ALL YEARS

24:08.100 --> 24:11.333
NATURAL GASES IN THEIR FURNACES

24:11.333 --> 24:13.867
TO CRACK LPG, I GUESS MY

24:13.867 --> 24:17.233
QUESTION IS, FIT WERE TO -- IF

24:17.233 --> 24:19.967
THOSE REGULATIONS WERE TO BE

24:19.967 --> 24:21.867
RELAXED, WOULDN'T IT AFFECT MORE

24:21.867 --> 24:24.133
THAN JUST THE GAS PUMP?

24:24.133 --> 24:25.800
WOULDN'T IT AFFECT THE CHEMICAL

24:25.800 --> 24:27.500
INDUSTRY THAT PRODUCES OTHER

24:27.500 --> 24:28.033
THINGS?

24:28.033 --> 24:28.600
>> IT COULD.

24:28.600 --> 24:29.833
BUT I THINK WE'RE IN A POSITION

24:29.833 --> 24:33.933
RIGHT NOW IN I THINK U.S.

24:33.933 --> 24:34.900
MANUFACTURING HISTORY WHERE THE

24:34.900 --> 24:36.300
SCALES ARE STILL TILTED TOWARDS

24:36.300 --> 24:38.000
THE U.S. AND PARTICULARLY

24:38.000 --> 24:38.600
LOUISIANA.

24:38.600 --> 24:39.300
ARE THERE PEOPLE BECOMING

24:39.300 --> 24:41.733
CONCERNED ABOUT THESE BILLIONS

24:41.733 --> 24:43.700
OF DOLLARS OF INVESTMENTS THAT

24:43.700 --> 24:46.133
HAVE BEEN ANNOUNCED, MANY OF

24:46.133 --> 24:48.433
WHICH ARE ALREADY UNDERWAY.

24:48.433 --> 24:50.600
THERE WILL PROBABLY BE SOME

24:50.600 --> 24:53.000
CANCELATIONS, IT HAS TO DO WITH

24:53.000 --> 24:54.233
THE UNIQUE NATURE OF WHAT THEY

24:54.233 --> 24:58.233
ARE TRYING TO DO, ARBITRAGING

24:58.233 --> 24:59.533
HYDRO CARBONS.

24:59.533 --> 25:01.200
I THINK WE'RE WELL POSITIONED TO

25:01.200 --> 25:02.833
TAKE ADVANTAGE OF A LOT OF THAT.

25:02.833 --> 25:04.033
>> I THINK THE QUESTION ALONG

25:04.033 --> 25:06.667
THE LINES OF DIVERSIFYING AND

25:06.667 --> 25:09.000
MAKING FUTURE PLANS.

25:09.000 --> 25:10.300
>> IF IT'S ALREADY KNOWN THAT

25:10.300 --> 25:13.233
THE OIL INDUSTRY IS AN

25:13.233 --> 25:15.167
UP-AND-DOWN INDUSTRY, THEN WHAT

25:15.167 --> 25:19.267
IS THE PLAN FOR ADDRESSING THAT?

25:19.267 --> 25:22.067
I MEAN, IF IT'S SOMETHING THAT'S

25:22.067 --> 25:23.400
FORESEEABLE WHY NOT HAVE A PLAN

25:23.400 --> 25:30.067
TO MAKE THIS WHOLE AVOIDABLE?

25:30.067 --> 25:32.000
>> MAYBE SENATOR CHABERT OUGHT

25:32.000 --> 25:33.567
TO START THAT ONE.

25:33.567 --> 25:35.367
>> IN NATURE, YES, WE ARE AN OIL

25:35.367 --> 25:37.100
AND GAS ECONOMY.

25:37.100 --> 25:39.133
BUT WE ARE MORE AN OIL AND GAS

25:39.133 --> 25:40.433
SERVICE ECONOMY THAN ANYTHING.

25:40.433 --> 25:42.867
IT'S NOT LIKE SHELL OR CHEVRON

25:42.867 --> 25:43.800
HAVE THEIR CORPORATE

25:43.800 --> 25:45.733
HEADQUARTERS IN D'S BATON ROUGE

25:45.733 --> 25:46.867
OR IN DOWNTOWN NEW ORLEANS.

25:46.867 --> 25:48.767
THE MAJORITY OF THE COMPANIES

25:48.767 --> 25:51.033
THAT MAKE UP THE LOUISIANA OIL

25:51.033 --> 25:54.700
AND GAS ECONOMY ARE SERVICE

25:54.700 --> 25:57.000
COMPANIES, WHETHER THEY ARE

25:57.000 --> 25:59.467
SERVICING DEEPWATER DRILLING,

25:59.467 --> 26:01.567
WHETHER THEY ARE IN FABRICATION

26:01.567 --> 26:04.933
OF THE ACTUAL PLATFORMS OR THE

26:04.933 --> 26:07.100
OFFSHORE SUPPLY VESSELS THAT

26:07.100 --> 26:09.500
SERVICE IN DEEP OR SHALLOW

26:09.500 --> 26:10.000
WATER.

26:10.000 --> 26:11.067
THOSE RIGHT PEOPLE THAT ARE

26:11.067 --> 26:11.500
EMPLOYED.

26:11.500 --> 26:13.300
THOSE ARE THE MULTIPLIERS THAT

26:13.300 --> 26:16.367
SAY, OKAY, IF A COMPANY OPENS UP

26:16.367 --> 26:20.300
IN SOUTH HOUMA AND EMPLOYS 50

26:20.300 --> 26:23.133
PEOPLE, RIGHT, THERE'S A

26:23.133 --> 26:24.333
MULTIPLIER THAT'S GOING ATTACH

26:24.333 --> 26:24.833
TO THAT.

26:24.833 --> 26:26.367
MORE PEOPLE AT THE HOSPITAL,

26:26.367 --> 26:29.000
MORE AT THE SCHOOL, AT THE

26:29.000 --> 26:29.800
WAL-MART, EVERWHERE.

26:29.800 --> 26:31.533
THE SAME THING HAPPENS WHENEVER

26:31.533 --> 26:33.100
THAT PARTICULAR COMPANY MAY

26:33.100 --> 26:33.833
CLOSE DOWN.

26:33.833 --> 26:35.767
IT'S DIFFICULT TO SAY, HOW DO

26:35.767 --> 26:39.033
YOU CHANGE YOUR ECONOMY TO DEAL

26:39.033 --> 26:41.467
WITH SOMETHING THAT IS SO

26:41.467 --> 26:44.067
CYCLICAL, LIKE OIL AND GAS IS?

26:44.067 --> 26:45.667
LET'S FACE IT, HALF OF THE

26:45.667 --> 26:49.233
REASON WHY WE DO WHAT WE DO IN

26:49.233 --> 26:50.933
LOUISIANA IS ONE REASON AND ONE

26:50.933 --> 26:54.067
REASON ONLY:  THE GEOGRAPHIC

26:54.067 --> 26:56.000
PROXIMITY TO WHERE THE OILS.

26:56.000 --> 26:58.200
THAT'S A HUGE DERMATO NANT ON

26:58.200 --> 26:59.133
WHAT YOU DO.

26:59.133 --> 27:00.967
IF YOU'RE IN KANSAS YOU'RE GOING

27:00.967 --> 27:02.000
PLANT CORN.

27:02.000 --> 27:03.400
IN SOUTH LOUISIANA YOU SERVICE

27:03.400 --> 27:05.633
THE OIL AND GAS INDUSTRY BECAUSE

27:05.633 --> 27:08.000
THAT'S WHERE THE OIL AND GAS IS.

27:08.000 --> 27:09.533
>> GREG, YOU AND I WERE BOTH

27:09.533 --> 27:11.700
AROUND THE LEGISLATURE IN THE

27:11.700 --> 27:13.967
90s WHEN THEY WERE WRESTLING

27:13.967 --> 27:15.400
ABOUT THIS BEFORE.

27:15.400 --> 27:17.433
HAVE WE DIVERSIFIED FAR ENOUGH

27:17.433 --> 27:19.933
TO WHERE WE'RE NOT GOING TO SEE

27:19.933 --> 27:22.733
AS HUGE AN IMPACT ON LOUISIANA?

27:22.733 --> 27:24.267
>> WE'RE MORE DIVERSIFIED THAN

27:24.267 --> 27:26.533
WE WERE IN THE MID 80s WHEN I

27:26.533 --> 27:27.633
STARTED DOWN THERE, OBVIOUSLY.

27:27.633 --> 27:30.767
WE WILL BE A LARGE OIL AND GAS

27:30.767 --> 27:34.733
BROADLY DEFINED, EXTRACTION TO

27:34.733 --> 27:36.933
PETROCHEMICAL REFINING MONTH

27:36.933 --> 27:38.133
PROBABLY FOREVER.

27:38.133 --> 27:39.733
WE ARE ENDOWED WITH THE RESOURCE

27:39.733 --> 27:43.133
AND WE HAVE GENERATIONS OF

27:43.133 --> 27:44.133
SKILLSETS DEVELOPED HERE.

27:44.133 --> 27:45.233
THAT'S WHAT WE DO.

27:45.233 --> 27:47.767
THE UPS AND DOWNS OF THE OIL

27:47.767 --> 27:49.633
CRISIS USED TO GENERATE MUCH

27:49.633 --> 27:51.267
BIGGER SWINGS IN OUR ECONOMY AND

27:51.267 --> 27:53.567
IN THE STATE'S REVENUE BASE THAN

27:53.567 --> 27:54.800
THEY DO NOW.

27:54.800 --> 27:56.433
NOT THAT THEY ARE IMMATERIAL BUT

27:56.433 --> 27:58.333
IT'S NOT LIKE THE MID 80s WHEN

27:58.333 --> 28:00.467
WE LOST HALF THE INDUSTRY IN

28:00.467 --> 28:01.233
THAT DOWNTURN.

28:01.233 --> 28:02.900
AND MUCH THE OTHER INDUSTRIES.

28:02.900 --> 28:05.167
THAT'S NOT WHAT'S HAPPENING

28:05.167 --> 28:05.867
TODAY.

28:05.867 --> 28:07.433
NOT TO BELITTLE THE LOSSES THAT

28:07.433 --> 28:09.100
ARE OCCURRING IN COMMUNITIES AND

28:09.100 --> 28:10.933
COMPANIES AND HOUSEHOLDS TODAY.

28:10.933 --> 28:12.533
WE'RE NOT NEARLY AS AFFECTED AS

28:12.533 --> 28:13.333
WE WERE.

28:13.333 --> 28:16.000
THAT'S A SIGN OF OUR DIVERSITY.

28:16.000 --> 28:17.500
>> YOU HAD A QUESTION ABOUT

28:17.500 --> 28:18.067
INDIVIDUALS.

28:18.067 --> 28:22.467
>> WHAT CAN WE DO SO THAT THE

28:22.467 --> 28:25.333
PRICE OF OIL DOES NOT NEGATIVELY

28:25.333 --> 28:26.533
AFFECT THE STATE BUDGET AND THE

28:26.533 --> 28:28.833
STATE -- I DON'T KNOW, LIKE

28:28.833 --> 28:30.200
PROGRAMS?

28:30.200 --> 28:31.967
>> I THINK THE STATE BUDGET'S

28:31.967 --> 28:33.467
ALWAYS GOING TO BE AFFECTED BY

28:33.467 --> 28:36.133
OIL PRICES IN SOME WAYS.

28:36.133 --> 28:38.067
BUT LIKE GREG SAID, IN THE MID

28:38.067 --> 28:39.667
80s 40% OF THE STATE BUDGET

28:39.667 --> 28:42.967
WAS MADE UP OF OIL AND GAS

28:42.967 --> 28:43.400
REVENUES.

28:43.400 --> 28:47.067
NOW IT'S DOWN TO 13%, WE'RE NOT

28:47.067 --> 28:50.133
NEARLY AS DEPENDENT ON OIL AS WE

28:50.133 --> 28:50.900
ONCE WERE.

28:50.900 --> 28:52.600
THAT SPEAKS TO THE

28:52.600 --> 28:53.700
DIVERSIFICATION THAT'S HAPPENED

28:53.700 --> 28:56.067
AND WE NEED TO CONTINUE TO DERS

28:56.067 --> 28:58.633
FYE AND FOCUS ON THE

28:58.633 --> 28:59.167
FUNDAMENTALS.

28:59.167 --> 29:00.933
IF STATE GOVERNMENT CAN DO A

29:00.933 --> 29:03.767
GOOD JOB OF EDUCATING ITS PEOPLE

29:03.767 --> 29:05.500
AND BUILD STRONG ROAD AND SAFE

29:05.500 --> 29:06.767
COMMUNITIES, BUSINESSES OF ALL

29:06.767 --> 29:08.600
KINDS WILL WANT TO COME TO

29:08.600 --> 29:10.700
LOUISIANA AND BUILD AND GROW.

29:10.700 --> 29:13.000
I THINK IN THE LAST FEW YEARS

29:13.000 --> 29:14.267
WE'VE MAYBE GOTTEN AWAY FROM

29:14.267 --> 29:14.933
SOME OF THAT.

29:14.933 --> 29:16.500
WE'VE BEEN CUTTING HIGHER

29:16.500 --> 29:18.600
EDUCATION AND MONEY THAT GOES TO

29:18.600 --> 29:20.400
ROADS AND BASIC INFRASTRUCTURE.

29:20.400 --> 29:22.300
IF WE CAN KEEP GETTING BACK TO

29:22.300 --> 29:24.267
FOCUSING ON THE FUNDAMENTALS WE

29:24.267 --> 29:26.267
WILL GROW OUR ECONOMY, AN

29:26.267 --> 29:27.900
ECONOMY THAT WORKS NOT GROW OIL

29:27.900 --> 29:30.367
AND GAS INDUSTRIES BUT FOR

29:30.367 --> 29:30.933
EVERYBODY.

29:30.933 --> 29:32.333
INCLUDING FOLKS IN LOUISIANA WHO

29:32.333 --> 29:34.033
DON'T DEPEND ON THAT INDUSTRY.

29:34.033 --> 29:36.067
>> OTHER STATES AROUND US HAVE

29:36.067 --> 29:38.267
HEAVY OIL AND GAS PRODUCTION AND

29:38.267 --> 29:39.933
EXPLORATION AND SERVICES.

29:39.933 --> 29:41.533
TEXAS, THEY DON'T SEEM TO BE HIT

29:41.533 --> 29:42.267
AS HARD.

29:42.267 --> 29:44.500
IS IT BECAUSE THEY ARE BIGGER OR

29:44.500 --> 29:47.967
HAVE THEY DONE A BETTER JOB

29:47.967 --> 29:48.533
DIVERSIFYING?

29:48.533 --> 29:51.367
>> THEY ARE BEING HIT AS HARD.

29:51.367 --> 29:53.933
>> PRETTY DOGGONE HARD.

29:53.933 --> 29:55.933
THE THING THAT SEPARATES FROM US

29:55.933 --> 30:00.000
TEXAS IS THAT THE MAJORITY OF

30:00.000 --> 30:02.200
OUR EXTRACTION OCCURS OFFSHORE.

30:02.200 --> 30:04.667
TEXAS WAS REALLY HIT FROM THE

30:04.667 --> 30:06.700
FRACKING SIDE, INITIALLY WITH

30:06.700 --> 30:08.067
THE LOW PRICE OF NATURAL GAS.

30:08.067 --> 30:17.800
NOW WITH THE COST OF TYRONN LUE COSTS OF

30:17.800 --> 30:20.733
COST OF THE TYRONN LUE FRAC,

30:20.733 --> 30:22.900
EXTRACTION, THE RETURN ON

30:22.900 --> 30:29.467
INVESTMENT IS NOT THERE THEY ARE

30:29.467 --> 30:32.633
FEELING IT, THEIR ECONOMIC

30:32.633 --> 30:33.967
IMPACTS ARE GOING TO BE

30:33.967 --> 30:34.400
STRONGER.

30:34.400 --> 30:39.400
THEY HAVE A FRACKING INDUSTRY.

30:39.400 --> 30:42.067
THE VERTICAL OIL IS SELLING FOR

30:42.067 --> 30:43.967
LESS, AND SOME PRIVATE SECTOR IS

30:43.967 --> 30:45.367
HIT BUT WE'RE NOT.

30:45.367 --> 30:47.933
WE HAVEN'T DEVELOPED A BIG OIL

30:47.933 --> 30:50.700
FRACKING INDUSTRY AND OUR BIG

30:50.700 --> 30:53.200
FRACKING INDUSTRY WAS IN

30:53.200 --> 30:55.000
HAYNSVILLE AND THAT RELATIVELY

30:55.000 --> 30:57.233
SHUT DOWN AFTER GAS PRICES FELL.

30:57.233 --> 30:59.800
THERE'S NOT A LOT TO LOSE IN

30:59.800 --> 31:01.900
TERMS OF TYRONN LUE ECONOMIC

31:01.900 --> 31:02.400
IMPACT.

31:02.400 --> 31:03.700
WE'RE NOT NEARLY AS RELIABILITY

31:03.700 --> 31:05.433
ON THIS PARTICULAR KIND OF OIL

31:05.433 --> 31:09.633
AND GAS EXTRACTION AS THE BIG

31:09.633 --> 31:11.400
FRACKING STATES ARE, TEXAS,

31:11.400 --> 31:12.867
NORTH DAKOTA PRIMARILY.

31:12.867 --> 31:14.600
>> YOU HAD A QUESTION ABOUT

31:14.600 --> 31:17.900
REGULATION.

31:17.900 --> 31:21.433
>> DO OIL AND GAS REGULATORY

31:21.433 --> 31:24.600
SERVICES FOR THE

31:24.600 --> 31:26.233
PRODUCERS-OPERATORS IN CENTRAL

31:26.233 --> 31:28.967
LOUISIANA, I'VE BEEN HIT

31:28.967 --> 31:29.633
ECONOMICALLY.

31:29.633 --> 31:33.233
MY HOUSEHOLD INCOME DECREASED AS

31:33.233 --> 31:37.533
PRODUCERS STARTED SHUTTING WELLS

31:37.533 --> 31:39.700
AND ONLY OPERATING THE ONES THAT

31:39.700 --> 31:42.900
WERE THE MOST PROFITABLE IN OUR

31:42.900 --> 31:43.700
AREA.

31:43.700 --> 31:47.667
MY QUESTION, OBVIOUSLY I KNOW

31:47.667 --> 31:50.033
HOW THE INDIVIDUAL FAMILY IS

31:50.033 --> 31:50.567
IMPACTED.

31:50.567 --> 31:55.233
BUT I WONDER FROM THE STATE'S

31:55.233 --> 31:58.300
VIEWPOINT, IS THERE -- ARE THERE

31:58.300 --> 32:00.433
STUDIES THE STATE HAS DONE THAT

32:00.433 --> 32:02.500
-- YOU KNOW, THE AVERAGE CITIZEN

32:02.500 --> 32:04.333
COULD GO LOOK AT THE WEBSITE AND

32:04.333 --> 32:06.500
SEE HOW THE STATE LEGISLATURE

32:06.500 --> 32:10.267
HAS TAKEN ACTION TO SHIFT OUR

32:10.267 --> 32:15.800
TAX BASE FROM OIL REVENUE, THE

32:15.800 --> 32:18.733
STATE'S ROYALTIES, STATE FEES,

32:18.733 --> 32:20.967
STATE SEVERANCE TAXES AND OF

32:20.967 --> 32:23.133
COURSE INCOME TAXES FROM PEOPLE

32:23.133 --> 32:26.000
THAT WORK IN THE INDUSTRY, ABOUT

32:26.000 --> 32:28.333
TO YOU SAFETY 13% TO OTHER

32:28.333 --> 32:29.833
SOURCES OF REF   NEW.

32:29.833 --> 32:33.633
>> DO YOU WANT TO TAKE THIS ONE?

32:33.633 --> 32:34.933
[LAUGHTER]

32:34.933 --> 32:36.267
>> MUCH OF THE SHIFT IN THE

32:36.267 --> 32:39.400
STATE'S REVENUE MIX HAS BEEN A

32:39.400 --> 32:43.533
RESULT OF AN ACTION 18 TEA AFTER

32:43.533 --> 32:46.567
THE EARLY EIGHTIES OR MID 80s

32:46.567 --> 32:47.367
OIL BUST.

32:47.367 --> 32:49.933
WE BROUGHT IN GAMING REVENUE.

32:49.933 --> 32:52.567
WE RAISED INCOME TAXES, RAISED

32:52.567 --> 32:55.033
SALES TAXES, RAISED CORPORATE

32:55.033 --> 32:55.500
TAXES.

32:55.500 --> 32:57.933
THAT'S THE STRUCTURE WE'RE STILL

32:57.933 --> 33:00.167
LIVING ON TODAY.

33:00.167 --> 33:02.367
THIS OIL BUST HAS NOT BEEN

33:02.367 --> 33:05.267
REACTED TO IN THAT WAY.

33:05.267 --> 33:05.600
YET.

33:05.600 --> 33:07.200
I DON'T KNOW THAT IT WILL BE

33:07.200 --> 33:09.867
EITHER, BUT WE HAVE A MIX WE

33:09.867 --> 33:11.100
HAVE TODAY.

33:11.100 --> 33:13.333
IT TOOK 10 YEARS OR MORE OF

33:13.333 --> 33:14.900
CHANGES TO GET TO THE MIX WE'VE

33:14.900 --> 33:16.100
GOT NOW.

33:16.100 --> 33:19.067
IT STILL LEAVES US WITH 13% AND

33:19.067 --> 33:24.200
THAT'S TYPICALLY ABOUT $1.4

33:24.200 --> 33:24.667
BILLION.

33:24.667 --> 33:26.667
YOU LOSE THREE OR $400 MILLION

33:26.667 --> 33:30.767
OF THAT, THAT'S REAL MONEY.

33:30.767 --> 33:33.933
>> AND AS A RESULT OF THE BIG

33:33.933 --> 33:37.200
POST KATRINA, RITA BOOM, JUST

33:37.200 --> 33:39.067
BEFORE THE RECESSION WE CUT

33:39.067 --> 33:40.567
TAXES SUBSTANTIALLY.

33:40.567 --> 33:41.967
SOME OF THOSE INCOME TAXES AND

33:41.967 --> 33:43.200
SALES TAX.

33:43.200 --> 33:45.667
AND WE NOW HAVE A REVENUE

33:45.667 --> 33:47.833
BASELINE RUNNING BELOW THE PRE

33:47.833 --> 33:49.567
STORM PATH.

33:49.567 --> 33:52.067
BUT THE FUNDAMENTAL MIX, PIE

33:52.067 --> 33:54.067
CHART MIX TODAY, IS REALLY A

33:54.067 --> 33:56.067
REACTION TO THINGS WE DID IN THE

33:56.067 --> 33:56.833
MID 80s.

33:56.833 --> 33:59.100
AND MAYBE WE'LL CHANGE THAT MIX

33:59.100 --> 34:01.400
GOING FORWARD.

34:01.400 --> 34:03.633
BUT QUITE FRANKLY WE HAVEN'T

34:03.633 --> 34:05.500
EVEN HAD A SESSION YET IN

34:05.500 --> 34:07.000
RESPONSE TO THIS PARTICULAR

34:07.000 --> 34:08.600
WEAKNESS IN OIL PRICES.

34:08.600 --> 34:11.000
>> IN TERMS OF WHERE YOU CAN GO

34:11.000 --> 34:12.067
TO, TO FIND INFORMATION ABOUT

34:12.067 --> 34:14.900
THE STUDIES YOU'RE TALKING

34:14.900 --> 34:18.433
ABOUT, I'D STEER YOU TO THE

34:18.433 --> 34:19.567
LOUISIANA ECONOMIC DEVELOPMENT

34:19.567 --> 34:21.500
WINDOW, THE WORKFORCE COMMISSION

34:21.500 --> 34:23.633
WEBSITE, AND LOOK AT A CUSTOM

34:23.633 --> 34:24.833
DIFFERENT UNIVERSITIES.

34:24.833 --> 34:27.033
CERTAINLY LSU, U.L., LOUISIANA

34:27.033 --> 34:31.033
TECH, NICHOLS, THOSE WILL BE

34:31.033 --> 34:32.767
YOUR UNIVERSITIES THAT HAVE

34:32.767 --> 34:35.033
STUDIES FOCUSED ON OIL AND GAS

34:35.033 --> 34:37.000
EXPLORATION AND THE COMMIS

34:37.000 --> 34:38.500
AROUND IT.

34:38.500 --> 34:40.600
>> AND GREG'S WEBSITE IS VERY

34:40.600 --> 34:41.100
GOOD.

34:41.100 --> 34:42.300
THE LEGISLATIVE FISCAL OFFICE

34:42.300 --> 34:44.233
KEEP AS LOT OF GREAT INFORMATION

34:44.233 --> 34:45.600
ABOUT WHAT'S IN THE BUDGET.

34:45.600 --> 34:47.000
IF YOU GO THERE AND LOOK THEY

34:47.000 --> 34:50.033
PUT A LOT ON THEIR WEBSITE.

34:50.033 --> 34:52.867
>> MY FRIENDS MELINDA WITH THE

34:52.867 --> 34:55.367
ASSOCIATED PRESS AND MARK

34:55.367 --> 34:57.233
BALLARD FROM THE "ADVOCATE" HAVE

34:57.233 --> 34:58.733
POINTED OUT THE CURRENT STATE

34:58.733 --> 35:00.100
BUDGET PROBLEMS ARE NOT ALL OIL

35:00.100 --> 35:01.533
AND GAS RELATED.

35:01.533 --> 35:03.633
OVER A BILLION DOLLARS OF IT IS

35:03.633 --> 35:05.333
RELATED TO THE WAY SPENDING

35:05.333 --> 35:06.733
PATTERNS HAVE BEEN OVER THE PAST

35:06.733 --> 35:08.667
FEW YEARS TO TAX CUTS, USING A

35:08.667 --> 35:11.500
BUNCH OF ONE-TIME MONEY TO PLUG

35:11.500 --> 35:21.067
INTO RECURRING EXPENSES.

35:21.067 --> 35:22.100
WE'LL

35:22.100 --> 35:23.367
START WITH SENATOR CHABERT.

35:23.367 --> 35:24.967
>> MAYBE IT'S TIME TO BRING BACK

35:24.967 --> 35:27.133
THE SPELLING PLAN, AT LEAST THE

35:27.133 --> 35:29.033
REVENUE SIDE OF IT, AND LEVEL

35:29.033 --> 35:31.767
OUT OUR TAXES SO THAT THEY ARE

35:31.767 --> 35:34.267
NOT AT THE MERCY OF THE

35:34.267 --> 35:36.333
VOLATILITY OF THE OIL AND GAS

35:36.333 --> 35:37.667
INDUSTRY.

35:37.667 --> 35:39.300
WE HAD AT ONE TIME WHEN

35:39.300 --> 35:41.767
SOMEBODY, A FRIEND OF MINE

35:41.767 --> 35:43.400
CALLED AN EMBARRASSMENT OF

35:43.400 --> 35:43.933
RICHES.

35:43.933 --> 35:46.233
NOW WE'RE JUST EMBARRASSED.

35:46.233 --> 35:54.033
WE HAVE THIS $1.WHATEVER BILLION

35:54.033 --> 35:56.567
HOLE TO FILL.

35:56.567 --> 35:58.000
>> WHY DON'T YOU TELL US ABOUT

35:58.000 --> 35:58.867
THIS PLAN.

35:58.867 --> 36:01.900
THE PLAN GOT RID OF SALES TAXES

36:01.900 --> 36:04.233
ON HOUSEHOLD FOOD FOR HOME

36:04.233 --> 36:06.367
CONSUMPTION, HOUSEHOLD

36:06.367 --> 36:06.867
UTILITIES.

36:06.867 --> 36:09.733
TYRONN LUE PUT THAT TAX BASE IN

36:09.733 --> 36:11.533
THE CONSTITUTION NEVER AGAIN

36:11.533 --> 36:13.667
UNLESS THE PEOPLE VOTE THOSE

36:13.667 --> 36:14.100
ITEMS.

36:14.100 --> 36:16.100
IT TRADED THAT REVENUE OFF WITH

36:16.100 --> 36:17.367
AN INCREASE IN THE PERSONAL

36:17.367 --> 36:19.433
INCOME TAX, WHICH NOT ONLY

36:19.433 --> 36:21.067
INCREASED THE OVERALL INCOME

36:21.067 --> 36:23.167
TAX, IT SHIFTED THE BURDEN TO

36:23.167 --> 36:25.767
THE UPPER HALF OF THE INCOME

36:25.767 --> 36:26.267
SPECTRUM.

36:26.267 --> 36:28.700
IT HAD A VARIETY OF GOALS IN

36:28.700 --> 36:29.100
MIND.

36:29.100 --> 36:31.400
IT WAS REVENUE NEUTRAL, WE LOST

36:31.400 --> 36:33.100
MONEY IN THE FIRST YEAR OR TWO

36:33.100 --> 36:33.700
OF THAT.

36:33.700 --> 36:35.533
IT WAS DESIGNED TO GROW BECAUSE

36:35.533 --> 36:39.200
IT WOULD BE DESIGNED TO GROW

36:39.200 --> 36:40.100
WITH INCOME.

36:40.100 --> 36:41.867
IT DID THAT FOR SEVERAL YEARS.

36:41.867 --> 36:44.267
AS THE ECONOMY HEATED UP IN THE

36:44.267 --> 36:47.600
MID 2000s AND THEN IN THE POST

36:47.600 --> 36:50.400
KATRINA, AFTER KATRINA AND RITA

36:50.400 --> 36:53.033
HIT IN THE SUMMER OF 2005, WE

36:53.033 --> 36:54.667
ULTIMATELY HAD MORE MONEY COMING

36:54.667 --> 36:56.933
IN THAN WE KNEW WHAT TO DO WITH.

36:56.933 --> 36:59.467
THE REVENUE BASE EXPLODED ON US

36:59.467 --> 37:00.800
AND WE COULDN'T RESIST.

37:00.800 --> 37:03.367
WE STARTED TO GIVE SOME OF THAT

37:03.367 --> 37:04.533
BACK.

37:04.533 --> 37:06.167
THE INCOME TAX COMPONENT WAS THE

37:06.167 --> 37:08.067
PART WE GAVE BACK.

37:08.067 --> 37:09.533
>> WHAT WOULD OUR BUDGET HOLE

37:09.533 --> 37:11.933
LOOK LIKE TODAY IF WE'D KEPT

37:11.933 --> 37:15.333
THAT, JUST A WILD GUESS ON THAT?

37:15.333 --> 37:18.167
>> THE INCOME TAXES WOULD BE

37:18.167 --> 37:21.600
ROUGHLY AT LEAST $800 MILLION

37:21.600 --> 37:24.100
HIGHER TODAY THAN THEY OTHERWISE

37:24.100 --> 37:24.533
ARE.

37:24.533 --> 37:26.900
>> AND SENATOR CHABERT, IN AN

37:26.900 --> 37:30.333
ELECTION YEAR HOW LIKELY IS IT

37:30.333 --> 37:32.233
THAT ANY WOOD WOULD TOUCH THAT

37:32.233 --> 37:34.133
THIRD RAIL?

37:34.133 --> 37:35.800
>> YOU HEAR THE LEGISLATURE IS

37:35.800 --> 37:37.933
GOING TO BE PARALYZED.

37:37.933 --> 37:39.400
I WOULD ARGUE THAT WE ARE CALLED

37:39.400 --> 37:40.167
TO SERVICE.

37:40.167 --> 37:42.800
YOU HAVE TO RESPOND TO A CRISIS

37:42.800 --> 37:43.800
WITH BOLD ACTION.

37:43.800 --> 37:46.533
IF YOU'RE WORRIED ABOUT GETTING

37:46.533 --> 37:48.467
REELECTED, MYSELF INCLUDED, AND

37:48.467 --> 37:51.367
YOU'RE GOING TO SACRIFICE WHAT'S

37:51.367 --> 37:53.900
TO BE DONE RIGHT, WE SHOULD

37:53.900 --> 37:56.267
THROW THE BUMS OUT, MYSELF

37:56.267 --> 37:56.833
INCLUDED.

37:56.833 --> 37:58.400
THE PROBLEM IS THAT THE

37:58.400 --> 37:59.767
STRUCTURAL TAX GATHERING

37:59.767 --> 38:02.433
APPARATUS IN THIS STATE AND THE

38:02.433 --> 38:06.300
SPENDING DEDICATIONS THAT WE

38:06.300 --> 38:10.267
HAVE ARE A COMPLEX PROBLEM TO

38:10.267 --> 38:10.733
SOLVE.

38:10.733 --> 38:12.567
OUR FISCAL SESSION THIS YEAR IS

38:12.567 --> 38:15.067
ROUGHLY 60 DAYS.

38:15.067 --> 38:16.733
WE'VE BEEN WORKING ON THIS

38:16.733 --> 38:19.467
PROBLEM FOR A LONG TIME.

38:19.467 --> 38:22.833
WITH REF NEWF ESTIMATING WE CAN

38:22.833 --> 38:24.133
HAPPY A BUDGET SHORTFALL IS

38:24.133 --> 38:26.033
GOING TO BE, AS YOU KNOW.

38:26.033 --> 38:29.467
IT'S NOT AN EASY FIX.

38:29.467 --> 38:31.333
WHAT I FORESEE HAPPENING IS

38:31.333 --> 38:32.567
WE'RE GOING UNFORTUNATELY HAVE

38:32.567 --> 38:35.733
TO BEAR THE BRUNT OF THIS

38:35.733 --> 38:38.367
MASSIVE BUDGET DEFICIT AND AFTER

38:38.367 --> 38:39.733
THIS NEXT ELECTION CYCLE WITH A

38:39.733 --> 38:41.567
NEW ADMINISTRATION, AS WE ALL

38:41.567 --> 38:43.567
KNOW WE HAVE A VERY POWERFUL

38:43.567 --> 38:45.467
EXECUTIVE BRANCH IN THIS STATE,

38:45.467 --> 38:47.400
YOU'LL PROBABLY SEE SOME BOLD

38:47.400 --> 38:49.333
ACTION HAVE TO BE TAKEN BY THE

38:49.333 --> 38:51.633
NEXT LEGISLATURE AND CERTAINLY

38:51.633 --> 38:53.500
THE NEXT GOVERNOR.

38:53.500 --> 38:54.900
>> JAN, DO YOU THINK THE AVERAGE

38:54.900 --> 38:56.967
CITIZEN IS READY FOR TAXES?

38:56.967 --> 38:58.667
>> THEY ARE GOING TO HAVE TO BE

38:58.667 --> 39:00.467
WHETHER THEY ARE READY OR NOT.

39:00.467 --> 39:02.100
THE ELEPHANT IN THE ROOM IS WE

39:02.100 --> 39:04.267
HAVE A GOVERNOR WHO HAS REFUSED

39:04.267 --> 39:06.167
TO LOOK AT THE REVENUE SIDE OF

39:06.167 --> 39:09.000
THE LEDGER FOR THE PAST SEVEN

39:09.000 --> 39:09.467
YEARS.

39:09.467 --> 39:11.100
EVERY TIME WE'VE BEEN FACED WITH

39:11.100 --> 39:13.367
A BUDGET SHORTFALL -- AND WE'VE

39:13.367 --> 39:15.200
HAD BUDGET SHORTFALLS SEVEN

39:15.200 --> 39:16.900
YEARS IN A ROW KNOW, I BELIEVE,

39:16.900 --> 39:18.300
WE'VE ONLY LOOKED TO CUT.

39:18.300 --> 39:20.033
WHEN WE WERE FINISHED CUTTING

39:20.033 --> 39:21.300
AND THERE WAS NOTHING MORE TO

39:21.300 --> 39:24.067
CUT WE'VE USED ONE-TIME REVENUES

39:24.067 --> 39:26.433
TO PATCH THE REMAINDER OF THE

39:26.433 --> 39:26.900
GAP.

39:26.900 --> 39:29.867
WE RAIDED TRUST FUNDS, USED

39:29.867 --> 39:33.300
MONEY FROM LEGAL SETTLEMENTS,

39:33.300 --> 39:34.333
EVERY TRICK IN THE BOOK.

39:34.333 --> 39:35.667
THAT'S BEEN THE ONLY SOLUTION

39:35.667 --> 39:38.533
AND WE HAVEN'T LOOKED AT ALL AT

39:38.533 --> 39:40.133
THE REVENUE SIDE.

39:40.133 --> 39:41.267
I DON'T THINK ANY POLITICIAN

39:41.267 --> 39:43.300
RUNS FOR OFFICE TRYING TO RAISE

39:43.300 --> 39:44.733
TAXES BUT THAT'S A CONVERSATION

39:44.733 --> 39:46.367
THAT'S COMING.

39:46.367 --> 39:48.400
IT MAY NOT COME THIS SESSION

39:48.400 --> 39:50.867
BECAUSE THIS COVER HAS SET THE

39:50.867 --> 39:52.033
RULES OF ROAD AND THE

39:52.033 --> 39:55.667
LEGISLATURE HAS ABIDED BY THOSE

39:55.667 --> 39:56.233
RULES.

39:56.233 --> 39:57.467
THE NEXT GOVERNOR IS GOING TO

39:57.467 --> 39:58.267
RAISE TAXES.

39:58.267 --> 39:59.933
THE ONLY QUESTION IS HOW MUCH

39:59.933 --> 40:02.667
AND FROM WHOM IS IT GOING TO BE

40:02.667 --> 40:03.567
RAISED.

40:03.567 --> 40:05.767
WE CAN'T KEEP KICK, THE CAN DOWN

40:05.767 --> 40:08.267
THE ROAD WITH THIS BUDGE AS WE

40:08.267 --> 40:10.533
HAVE BEEN DOING FOR THE LAST

40:10.533 --> 40:11.367
SEVERAL YEARS.

40:11.367 --> 40:13.067
>> JUST UTTERING THE WORDS

40:13.067 --> 40:15.700
RAISING TAXES, IT GETS A

40:15.700 --> 40:18.600
RESPONSE OUT OF PEOPLE WHERE

40:18.600 --> 40:19.633
THEY AUTOMATICALLY CRINGE.

40:19.633 --> 40:21.000
IF YOU JUST THINK ABOUT

40:21.000 --> 40:23.300
SPREADING IT OUT, OKAY?

40:23.300 --> 40:26.733
WE HAVE ALMOST THE SEVENTH

40:26.733 --> 40:31.100
LOWEST DIESEL TAX, THE LOE

40:31.100 --> 40:32.967
CIGARETTE TAX IN THE SOUTH.

40:32.967 --> 40:34.033
>> IN THE COUNTRY.

40:34.033 --> 40:37.467
>> YOU KNOW, IT'S NOT ABOUT

40:37.467 --> 40:41.433
POINTING AT ONE PARTICULAR

40:41.433 --> 40:42.833
SECTOR, BUSINESS ENTITY AND

40:42.833 --> 40:44.533
SAYING, WE ARE GOING RAISE YOUR

40:44.533 --> 40:46.067
TAXES BY 30%.

40:46.067 --> 40:48.567
YOU CAN'T DO THAT.

40:48.567 --> 40:50.300
A, IT'S POLITICALLY IMPOSSIBLE

40:50.300 --> 40:51.867
TO DO.

40:51.867 --> 40:53.433
THE OUTCRY, REGARDLESS OF THE

40:53.433 --> 40:55.200
TYPE OF REVENUE IT WOULD

40:55.200 --> 40:57.433
GENERATE WOULD BE FROWNED UPON

40:57.433 --> 40:59.333
BY MANY PUBLIC INTEREST GROUPS

40:59.333 --> 41:00.067
AND WHATNOT.

41:00.067 --> 41:02.600
BUT I THINK THAT BECAUSE THE

41:02.600 --> 41:05.500
LOUISIANA TAX BURDEN ON THE

41:05.500 --> 41:07.400
ORDINARY CITIZEN IS SO LOW, WE

41:07.400 --> 41:08.967
COULD COME UP WITH A

41:08.967 --> 41:10.600
RESTRUCTURING THAT WOULD HAVE TO

41:10.600 --> 41:13.200
INCLUDE ELIMINATING A LOT OF TAX

41:13.200 --> 41:14.933
CREDITS ON THINGS.

41:14.933 --> 41:16.967
>> FROM WHAT I UNDERSTAND ABOUT

41:16.967 --> 41:21.300
38 CENTS OF EVERY GALLON OF GAD

41:21.300 --> 41:23.233
WE BUY IN LOUISIANA, ABOUT 38

41:23.233 --> 41:26.100
CENTS OF THAT IS TAXES.

41:26.100 --> 41:27.433
STATE AND FEDERAL.

41:27.433 --> 41:29.300
>> STATE AND FEDERAL.

41:29.300 --> 41:29.767
>> YES.

41:29.767 --> 41:31.600
>> THE STATE ASPECT IS AROUND

41:31.600 --> 41:33.600
AROUND 20 CENTS.

41:33.600 --> 41:36.300
>> DO YOU SEE IN THE FORESEEABLE

41:36.300 --> 41:39.433
FUTURE THAT INCREASING

41:39.433 --> 41:40.200
SUBSTANTIALLY?

41:40.200 --> 41:42.000
BECAUSE OF THE SHORTFALL IN THE

41:42.000 --> 41:42.467
BUDGET?

41:42.467 --> 41:43.900
>> IF YOU LOOK FROM AN

41:43.900 --> 41:45.500
INFRASTRUCTURE STANDPOINT -- AND

41:45.500 --> 41:48.633
CORRECT ME WHERE I NEED TO BE

41:48.633 --> 41:52.300
CORRECTED, GREG -- WE'VE GOT A

41:52.300 --> 41:54.600
$12 BILLION INFRASTRUCTURE

41:54.600 --> 41:57.000
BACKLOG, $12 BILLION.

41:57.000 --> 41:59.800
WHEN WE PASSED, NOT SOME OF YOU

41:59.800 --> 42:01.833
YOUNGER FOLKS BUT WHEN WE VOTED

42:01.833 --> 42:04.767
IN THOSE GAS TAXES, THE FOUR

42:04.767 --> 42:06.933
CENTS TIMES PROGRAM, THAT WAS

42:06.933 --> 42:10.733
SAYING WE'RE GOING TO RAISE X A.

42:10.733 --> 42:15.000
REVENUE AND IT'LL PAY FOR ALL OF

42:15.000 --> 42:15.867
THESE PROJECTS OVER AND LONG

42:15.867 --> 42:16.700
PERIOD OF TIME.

42:16.700 --> 42:19.033
SOME OF THOSE PRODUCTS ARE STILL

42:19.033 --> 42:20.167
IN THE BOOKS.

42:20.167 --> 42:22.167
THE PROBLEM IS WHEN YOU

42:22.167 --> 42:24.933
INITIALLY PASSED THOSE TAXES,

42:24.933 --> 42:28.233
OKAY, THE 16 CENT GAS TAX WAS

42:28.233 --> 42:30.333
PASSED AND THE ADDITIONAL FOUR

42:30.333 --> 42:34.333
TO THE TIMES PROGRAM, THAT WAS

42:34.333 --> 42:38.233
1990 CENTS.

42:38.233 --> 42:40.067
THE PRICE OF DOING BUSINESS HAS

42:40.067 --> 42:42.000
INCREASED TO GREATLY THAT YOU

42:42.000 --> 42:44.767
REALLY HAVE A 20 CENTS GAS TAX

42:44.767 --> 42:46.000
THAT IS GENERATING YOU WHAT

42:46.000 --> 42:49.167
WOULD HAVE BEEN IN THOSE DAYS,

42:49.167 --> 42:54.333
SEVEN, EIGHT, NINE, 10, CENTS.

42:54.333 --> 42:56.133
>> WE FEEL THAT WE ARE JUST

42:56.133 --> 42:58.467
EXPERIENCING A SMALL HICCUP IN

42:58.467 --> 43:00.633
THE OIL AND GAS INDUSTRY, OR IS

43:00.633 --> 43:03.800
THIS A MAJOR HALTING POINT FOR

43:03.800 --> 43:05.833
LOUISIANA AND FOR I GUESS TEXAS

43:05.833 --> 43:09.467
AND THE OTHER STATES, AS WELL?

43:09.467 --> 43:10.567
>> WELL, I DON'T KNOW IF IT'S A

43:10.567 --> 43:12.067
HALTING POINT BUT I THINK THIS

43:12.067 --> 43:14.467
IS A VERY SIGNIFICANT STRUCTURAL

43:14.467 --> 43:16.633
CHANGE IN THE INDUSTRY, NOT ONLY

43:16.633 --> 43:19.133
HERE IN THE UNITED STATES BUT

43:19.133 --> 43:20.067
GLOBALLY.

43:20.067 --> 43:21.133
WHERE COMMODITY TRADERS ARE

43:21.133 --> 43:24.000
LOOKING AT TRADE FORE CRUDE OIL

43:24.000 --> 43:25.733
MONTHS AND YEARS INTO THE

43:25.733 --> 43:27.333
FUTURE, THEY SEE CRUDE OIL AT

43:27.333 --> 43:31.033
LOW PRICES FOR MANY, MANY YEARS

43:31.033 --> 43:36.567
GOING OUT TO 2020 AND PAST THAT

43:36.567 --> 43:37.900
TIME PERIOD.

43:37.900 --> 43:39.800
CONVENTIONAL WISDOM IS PRICES

43:39.800 --> 43:42.300
WILL STAY RELATIVELY LOW.

43:42.300 --> 43:44.267
AS MOST OF YOU RECOGNIZE THINGS

43:44.267 --> 43:45.767
CAN CHANGE TOMORROW, THERE COULD

43:45.767 --> 43:48.100
BE A WAR IN THE MIDDLE EAST,

43:48.100 --> 43:50.733
THERE COULD BE A CUT-BACK IN

43:50.733 --> 43:52.367
PRODUCTION IN VENEZUELA, A

43:52.367 --> 43:53.200
STRIKE SOMEWHERE.

43:53.200 --> 43:55.667
THEY CHANGE THE DYNAMICS ON A

43:55.667 --> 43:57.867
DAY IN AND DAY OUT BASIS.

43:57.867 --> 43:59.667
ONE OF THE BIG CONSEQUENCES HAS

43:59.667 --> 44:01.500
BEEN DIVERSIFYING THE SUPPLIES

44:01.500 --> 44:03.667
OF CRUDE OIL AND INCREASING

44:03.667 --> 44:06.067
THOSE OUTSIDE OF THE TRADITIONAL

44:06.067 --> 44:08.500
OPEC PRODUCING COUNTRIES AND

44:08.500 --> 44:12.267
THAT'S PUT DOWNWARD PRESSURE ON

44:12.267 --> 44:12.733
PRICES.

44:12.733 --> 44:14.133
IT'S GOING TO CREATE

44:14.133 --> 44:15.867
OPPORTUNITIES FOR OPERATORS HERE

44:15.867 --> 44:17.733
IN NORTH AMERICA TO GO BACK INTO

44:17.733 --> 44:19.867
THOSE RESERVES.

44:19.867 --> 44:24.000
THAT GENIE IS OUT OF THE BOTTLE.

44:24.000 --> 44:25.467
AS SOON AS PRICES START TO RISE

44:25.467 --> 44:27.600
AGAIN, PEOPLE BILL GO BACK INTO

44:27.600 --> 44:28.467
THAT BUSINESS.

44:28.467 --> 44:31.067
GREG WAS TALKING ABOUT THE

44:31.067 --> 44:33.067
DISTRACTION OF UNCONVENTIONAL

44:33.067 --> 44:35.567
GAS IN HAYNSVILLE.

44:35.567 --> 44:38.700
IN THE LAST RECESSION PRICES

44:38.700 --> 44:40.933
FELL BY OVER HALF THEN.

44:40.933 --> 44:45.800
A LOT OF THAT DRILLING ACTIVITY

44:45.800 --> 44:48.800
REDUCED DURING THAT TIME PERIOD.

44:48.800 --> 44:51.767
PRODUCERS GOT MORE EFFICIENT,

44:51.767 --> 44:53.567
AND YOU'LL START TO SEE THAT ON

44:53.567 --> 44:55.267
THE CRUDE SIDE OF THE BUSINESS,

44:55.267 --> 44:56.167
AS WELL.

44:56.167 --> 44:58.600
NOT AS QUICKLY AS ORIGINALLY

44:58.600 --> 44:59.900
ANTICIPATED BUT THEY ARE GOING

44:59.900 --> 45:00.933
CONTINUE TO GROVE.

45:00.933 --> 45:02.533
THERE WILL CONTINUE TO BE

45:02.533 --> 45:03.333
OPPORTUNITIES IN THIS BUSINESS

45:03.333 --> 45:04.100
AND IT'S GOING TO BE A CHANGE

45:04.100 --> 45:09.833
WITH US FOR QUITE SOME TIME.

45:09.833 --> 45:13.500
>> THE PRICE FOR CRUDE AROUND

45:13.500 --> 45:16.500
$60, WHEN IT REACHES THAT LEVEL

45:16.500 --> 45:19.400
THE BALL CAN CRUDE PRODUCTION IS

45:19.400 --> 45:22.433
AT THE BREAK-EVEN POINT, AT

45:22.433 --> 45:23.867
LEAST THAT'S WHAT STATED.

45:23.867 --> 45:26.500
YOU HATE TO SEE THAT GREAT

45:26.500 --> 45:28.533
STREAM BACK OFF.

45:28.533 --> 45:30.433
OUR ENERGY INDEPENDENCE MIGHT BE

45:30.433 --> 45:32.367
SLOWED A BIT MATCH THAT'S TRUE.

45:32.367 --> 45:33.500
THERE WERE THE SAME

45:33.500 --> 45:36.633
CONVERSATIONS GOING ON IN 2008,

45:36.633 --> 45:38.833
2009, 2010, WHEN PEOPLE WERE

45:38.833 --> 45:41.600
SAYING THE NATURAL GAS BUSINESS

45:41.600 --> 45:44.000
COULDN'T SURVIVE ANYTHING LESS

45:44.000 --> 45:46.233
THAN $4.50.

45:46.233 --> 45:50.733
PRICE RESOURCE $2.50 TODAY,

45:50.733 --> 45:54.600
NATURAL GAS PRICES TON INCREASE.

45:54.600 --> 45:56.133
ONE OF THE THINGS WE'VE FOUND IN

45:56.133 --> 45:57.733
THIS BUSINESS IS THAT BECAUSE

45:57.733 --> 45:59.633
IT'S VERY COMPETITIVE PEOPLE ARE

45:59.633 --> 46:01.067
SCRAMBLING AROUND TO FIND WAYS

46:01.067 --> 46:02.933
TO BE MORE PRODUCTIVE.

46:02.933 --> 46:04.467
THEY HAVE FINDING WAYS TO

46:04.467 --> 46:06.767
IMPROVE THE TECHNOLOGY OF THIS

46:06.767 --> 46:07.333
FRACKING.

46:07.333 --> 46:09.167
IT'S ONE OF THOSE RARE AREAS IN

46:09.167 --> 46:11.467
THE ENERGY BUSINESS WHERE UNIT

46:11.467 --> 46:13.067
COSTS ARE GOING DOWN, NOT UP

46:13.067 --> 46:15.500
BECAUSE OF INCREASED

46:15.500 --> 46:16.167
EFFICIENCIES.

46:16.167 --> 46:18.033
IT'S A MORE REPETITIVE TASK.

46:18.033 --> 46:19.933
IT'S NOT LIKE TRADITIONAL

46:19.933 --> 46:22.267
VERTICAL OIL AND GAS DRILLING.

46:22.267 --> 46:23.500
IT'S MORE LIKE MINING.

46:23.500 --> 46:25.867
ONCE YOU'RE IN A PARTICULAR

46:25.867 --> 46:29.867
PLACE LIKE AND YOU START TO

46:29.867 --> 46:32.867
INFILL DRILL U START TO GAIN

46:32.867 --> 46:35.033
SUBSTANTIAL COMMIS AND

46:35.033 --> 46:35.600
EFFICIENCIES.

46:35.600 --> 46:36.700
YOU'VE GOT THE INFRASTRUCTURE

46:36.700 --> 46:38.867
AND WORKFORCE IN PLACE, ALL OF

46:38.867 --> 46:40.933
THOSE OPPORTUNITIES.

46:40.933 --> 46:42.667
PEOPLE WILL FIND IT'S PROBABLY A

46:42.667 --> 46:43.967
LITTLE LOWER THAN WHAT PEOPLE

46:43.967 --> 46:46.000
ARE SAYING RIGHT NOW.

46:46.000 --> 46:49.033
>> KARL, IF WE HAVE $7 BILLION

46:49.033 --> 46:51.033
WORTH OF TAX CREDITS SITTING ON

46:51.033 --> 46:53.533
THE TABLE THAT WE'RE NOT

46:53.533 --> 46:56.500
COLLECTING NOW, AND WE HAVE A

46:56.500 --> 46:58.067
$1.6 BILLION HOLE, WOULDN'T IT

46:58.067 --> 47:00.233
MAKE SENSE THAT WE ROLL SOME OF

47:00.233 --> 47:01.800
THOSE BACK, COLLECT SOME OF

47:01.800 --> 47:03.467
THOSE TAXES THAT WERE SUPPOSED

47:03.467 --> 47:06.600
TO HAVE BEEN USED ANYWAY, AND

47:06.600 --> 47:08.033
FILL THAT HOLE?

47:08.033 --> 47:09.933
DOESN'T THAT MAKE SENSE?

47:09.933 --> 47:12.400
>> YOU'VE GOT $7 BILLION IN

47:12.400 --> 47:14.300
TAXES ON THE TABLE RIGHT NOW NOT

47:14.300 --> 47:16.500
BEING COLLECTED TO INCENTIVIZE

47:16.500 --> 47:17.000
BUSINESS.

47:17.000 --> 47:18.533
WHICH MAKES SENSE, I UNDERSTAND

47:18.533 --> 47:19.000
THAT.

47:19.000 --> 47:20.267
EVERY OTHER STATE DOES IT.

47:20.267 --> 47:22.933
WHEN YOU'VE GOT A $1.6 BILLION

47:22.933 --> 47:25.700
HOLE AND YOU LOOK AT CUTTING AND

47:25.700 --> 47:28.333
GUTTING HIGHER EDUCATION, WE'VE

47:28.333 --> 47:30.233
GOT FIND ANOTHER TWI SOLVE THAT

47:30.233 --> 47:30.733
PROBLEM.

47:30.733 --> 47:32.733
SEEMS TO ME WE NEED TO ROLL BACK

47:32.733 --> 47:35.800
SOME OF THOSE TAXES AND

47:35.800 --> 47:36.267
GIVEAWAYS.

47:36.267 --> 47:37.500
>> YOU KNOW, THAT'S --

47:37.500 --> 47:39.500
>> CAN'T DO IT ALL BUT YOU CAN

47:39.500 --> 47:41.700
DO SOME.

47:41.700 --> 47:42.200
>> CORRECT.

47:42.200 --> 47:44.667
THERE'S A PREVAILING ATTITUDE

47:44.667 --> 47:47.500
THAT A ROLLBACK OF THE TAX

47:47.500 --> 47:52.433
CREDITS EQUATES TO AN INDIRECT

47:52.433 --> 47:54.667
TAX INCREASE ON THE RECIPIENT ON

47:54.667 --> 47:55.533
THAT TAX CREDIT.

47:55.533 --> 47:58.133
THERE'S A LOT OF CREDENCE TO

47:58.133 --> 47:58.600
THAT.

47:58.600 --> 47:59.767
A COMPANY MAY SAY, THIS

47:59.767 --> 48:01.167
INCENTIVE WAS THE ONLY REASON

48:01.167 --> 48:02.700
WHY I CAME HERE.

48:02.700 --> 48:04.967
I THINK THERE WOULD BE A

48:04.967 --> 48:07.200
CONSTANTLY AMOUNT OF STIG AND

48:07.200 --> 48:10.700
RESEARCH BY LED, LEGISLATIVE

48:10.700 --> 48:12.833
FISCAL OFFICE TO GO IN AND SAY,

48:12.833 --> 48:18.167
OKAY, THIS IS REALLY JUST

48:18.167 --> 48:19.300
LAGNIAPPE, OF COURSE IT'S GOING

48:19.300 --> 48:20.933
TO AFFECT THE COMPANY'S BOTTOM

48:20.933 --> 48:23.900
LINE BUT IT'S NOT GOING TO BREAK

48:23.900 --> 48:25.200
DOWN THE BOTTOM LINE.

48:25.200 --> 48:27.800
WE DECIDED THE STATE'S OVERTAX

48:27.800 --> 48:31.233
CREDIT WAS JUST TOO MUCH AND WE

48:31.233 --> 48:37.000
IN EFFECT GUILLOTINED IT.

48:37.000 --> 48:40.133
WHEN WE WALKED IN AND MADE THE

48:40.133 --> 48:42.667
VIDEO VOTE WE WERE GOING TO CUT

48:42.667 --> 48:44.133
THE HEAD OFF THE TAX CREDITS IN

48:44.133 --> 48:45.633
THIS STATE.

48:45.633 --> 48:47.633
BASICALLY WE ARE SUBSIDIZING

48:47.633 --> 48:50.533
PAYING 75% OF THE INSTALLATION

48:50.533 --> 48:51.233
OF THESE THINGS.

48:51.233 --> 48:52.233
TOO MUCH.

48:52.233 --> 48:52.700
OKAY?

48:52.700 --> 48:54.333
THE PROBLEM WAS THAT HERE ALL

48:54.333 --> 48:56.700
THESE LOUISIANA COMPANIES --

48:56.700 --> 48:59.300
WEAVER NOT TALKING ABOUT FOREIGN

48:59.300 --> 49:00.600
INVESTORS OR PEOPLE FROM THE

49:00.600 --> 49:02.133
FOREIGN STATE OF TEXAS.

49:02.133 --> 49:04.600
THESE ARE LOUISIANA COMPANIES

49:04.600 --> 49:06.433
THAT HAD LOUISIANA INVENTORY AND

49:06.433 --> 49:08.067
LOUISIANA PARISHES, PAYING

49:08.067 --> 49:10.133
LOUISIANA TAXES.

49:10.133 --> 49:15.100
IT DIDN'T MAKE ANY SENSE FOR US

49:15.100 --> 49:16.133
TO IN FACT GUILLOTINE THEM.

49:16.133 --> 49:17.467
WE'RE GOING ELIMINATE THE TAX

49:17.467 --> 49:19.433
CREDIT BUT IT'S GOING TO BE A

49:19.433 --> 49:21.167
GRADUAL ELIMINATION OF THEM.

49:21.167 --> 49:23.067
IF YOU DID THAT, THERE WOULD BE

49:23.067 --> 49:25.067
VERY FEW INSTANCES WHERE YOU GET

49:25.067 --> 49:26.833
THE MONEY BACK ON THE TABLE.

49:26.833 --> 49:30.067
WE DO HAVE TO RESTRUCTURE.

49:30.067 --> 49:31.167
>> GREG, WHAT ABOUT IT?

49:31.167 --> 49:33.800
COULD YOU FIND SOME TAX CREDITS

49:33.800 --> 49:36.133
THAT YOU COULD DO THAT TO AND

49:36.133 --> 49:38.067
GENERATE SOME REVENUE?

49:38.067 --> 49:39.333
>> ARE THERE THINGS WE HAVE DONE

49:39.333 --> 49:42.067
IN THE PAST WHERE CERTAIN TYPES

49:42.067 --> 49:44.100
OF CREDITS OR DEDUCTIONS WE HAVE

49:44.100 --> 49:46.067
SAID, FOR THE TAX PERIOD

49:46.067 --> 49:48.967
STARTING JANUARY 2015, THIS TAX

49:48.967 --> 49:50.733
YEAR RIGHT NOW, FROM THAT TAX

49:50.733 --> 49:52.600
YEAR IT'S NOT EFFECTIVE.

49:52.600 --> 49:55.167
WHEN YOU FILE YOUR TAXES IN THE

49:55.167 --> 49:57.233
SPRING OF 2016 LIABILITIES WILL

49:57.233 --> 49:58.067
GO UP.

49:58.067 --> 50:00.733
WE HAVE DONE THAT BEFORE.

50:00.733 --> 50:02.367
THAT'S NOT SOMETHING WE'VE

50:02.367 --> 50:04.533
TYPICALLY DONE AND IT'S NOT

50:04.533 --> 50:06.800
APPLICABLE TO A LOT OF PROGRAMS

50:06.800 --> 50:10.967
THAT HAVE CERTIFICATIONS,

50:10.967 --> 50:13.267
APPLICATIONS, CONTRACTUAL

50:13.267 --> 50:13.967
ARRANGEMENTS.

50:13.967 --> 50:14.967
>> HOW MANY OF THOSE REALLY ARE

50:14.967 --> 50:16.100
OBLIGATIONS YOU CAN'T DO

50:16.100 --> 50:18.267
ANYTHING ABOUT AT THIS POINT?

50:18.267 --> 50:19.833
>> HUNDREDS OF -- WELL, I'M

50:19.833 --> 50:22.700
GOING TO SAY FOUR TO 500 MILLION

50:22.700 --> 50:24.533
EASY, THE EASY LIST NO ONE WOULD

50:24.533 --> 50:25.900
ARGUE ABOUT.

50:25.900 --> 50:26.967
THEN THERE WOULD BE A VARIETY OF

50:26.967 --> 50:28.367
OTHER PEOPLE WHO SAY I MAY NOT

50:28.367 --> 50:30.800
HAVE A CONTRACT BUT I CARRIED

50:30.800 --> 50:32.667
OUT CERTAINLY ACTIVITIES, YOU

50:32.667 --> 50:33.133
OWE ME.

50:33.133 --> 50:34.433
THERE WOULD BE A MORAL

50:34.433 --> 50:35.933
OBLIGATION AT A MINIMUM.

50:35.933 --> 50:38.333
WE HAVE REVERSED SOME OF THOSE

50:38.333 --> 50:39.733
THINGS IN THE PAST.

50:39.733 --> 50:42.167
WE WERE DOING THAT FOR EXCESS

50:42.167 --> 50:45.367
ITEMIZED DEDUCTIONS ON PERSONAL

50:45.367 --> 50:48.900
INCOME TAX FOR THREE YEARS

50:48.900 --> 50:51.100
BEFORE THE BREAKS EVER CAME

50:51.100 --> 50:52.067
ALONG.

50:52.067 --> 50:55.800
YOU CAN DO THAT, YOU DON'T HAVE

50:55.800 --> 50:57.333
BILLIONS OF DOLLARS LIKE THAT.

50:57.333 --> 50:59.267
THINGS LIKE THAT CAN BE DONE BUT

50:59.267 --> 51:00.800
THEY ARE TOUGH VOTES, NOT EASY

51:00.800 --> 51:01.900
TO DO.

51:01.900 --> 51:04.767
>> WE HAVEN'T HEARD FROM YOU.

51:04.767 --> 51:05.300
>> YES.

51:05.300 --> 51:06.567
WITH THE LOW PRICES IN THE OIL

51:06.567 --> 51:11.900
AND GAS, THE RIPPLE EFFECT IS

51:11.900 --> 51:13.133
VERY IMPORTANT AND SIGNIFICANT

51:13.133 --> 51:16.000
RIGHT NOW, BECAUSE I HAVE A

51:16.000 --> 51:17.700
CONCERN OR THE COMMUNITY HAS A

51:17.700 --> 51:19.800
EXPERIENCE FOR CUTS IN HEALTH

51:19.800 --> 51:22.433
CARE AND HUMAN SERVICES.

51:22.433 --> 51:25.600
AND TO THIS EXAMPLE, THE RECENT

51:25.600 --> 51:30.033
ANNOUNCEMENT OF CLOSING THE

51:30.033 --> 51:33.700
EMERGENCY ROOMS AT OUR LOCAL

51:33.700 --> 51:39.000
HOSPITAL, AND SO THE RIPPING

51:39.000 --> 51:40.633
AFFECT CONTINUES TO MAKE CUTS.

51:40.633 --> 51:42.233
WE'RE JUST CONCERNED ABOUT THE

51:42.233 --> 51:45.300
CUTS THAT WILL OCCUR IN OUR NEXT

51:45.300 --> 51:46.167
LEGISLATIVE SESSION.

51:46.167 --> 51:49.267
HOPEFULLY I NEED TO FIND OUT HOW

51:49.267 --> 51:50.767
WILL THAT AFFECT ADDITIONAL

51:50.767 --> 51:53.467
CUTS, OR WILL THERE BE ANY.

51:53.467 --> 51:55.800
>> THAT'S WHY I SAID VERY EARLY

51:55.800 --> 51:56.933
ON, I DON'T THINK ARE THERE

51:56.933 --> 51:58.933
REALLY ANY WINNERS WHEN THE

51:58.933 --> 52:01.633
PRICE OF OIL DROPS AS LOW AS IT

52:01.633 --> 52:04.567
DID AS FAST AS IT   D. BACK TO

52:04.567 --> 52:06.300
THAT SINGLE MOTHER THAT MAY BE

52:06.300 --> 52:10.800
WORKING ONE OR TWO JO, HER JOB

52:10.800 --> 52:15.067
IS ON THE MORE OF A FLOUNDER

52:15.067 --> 52:17.000
SIGHT, IT'S CHEAPER FOR HER TO

52:17.000 --> 52:19.200
DRIVE FROM THE APARTMENT TO THAT

52:19.200 --> 52:19.700
JOB.

52:19.700 --> 52:21.367
THE PROBLEMS, MAYBE WHEN SHE WAS

52:21.367 --> 52:23.367
WORKING THAT FRIDAY NIGHT

52:23.367 --> 52:31.833
LATE-NIGHT SHIFT, THAT'S PINNING

52:31.833 --> 52:36.833
$A COUPLE HUNDRED EVERY NIGHT?

52:36.833 --> 52:40.933
THEY ARE NOT GETTING TIPS, IF

52:40.933 --> 52:49.067
SHE, NOT GETTING HER TIP SHE

52:49.067 --> 52:50.933
CAN'T PAY THE RENT.

52:50.933 --> 52:53.000
WE GO BACK TO THE ACTUAL

52:53.000 --> 52:56.100
LESSENING OF THE REVENUE COMING

52:56.100 --> 52:58.133
IN AND IT'S TOUGH TO REALLY FIND

52:58.133 --> 53:00.867
A WINNER IN SOUTH LOUISIANA,

53:00.867 --> 53:02.233
PARTICULARLY WHEN IT DROPS AS

53:02.233 --> 53:05.967
LOW AS IT HAS, THE INDIRECT

53:05.967 --> 53:06.533
IMPACTS.

53:06.533 --> 53:07.667
>> WITH A CRISIS LIKE WE HAVE IN

53:07.667 --> 53:09.267
TERMS OF THE FINANCIAL CRISIS,

53:09.267 --> 53:10.467
IT WOULD SEEM THAT THERE

53:10.467 --> 53:12.400
CERTAINLY IS AN OPPORTUNITY TO

53:12.400 --> 53:16.333
TAKE ADVANTAGE OF REINVESTING IN

53:16.333 --> 53:16.867
OTHER AREA.

53:16.867 --> 53:19.100
RIGHT NOW WITH $500 MILLION

53:19.100 --> 53:20.167
EXPECTED IN BUDGET CUTS TO

53:20.167 --> 53:21.600
HIGHER EDUCATION, ISN'T THIS

53:21.600 --> 53:22.967
REALLY THE TIME WHILE WE'RE

53:22.967 --> 53:25.533
TALKING ABOUT OIL PRICES TO SAY,

53:25.533 --> 53:27.533
LOOK, WE'RE GOING INVEST IN OUR

53:27.533 --> 53:30.633
FUTURE HE AND IN HIGHER

53:30.633 --> 53:31.167
EDUCATION.

53:31.167 --> 53:32.433
THOSE AREAS THAT WORK FOR

53:32.433 --> 53:35.033
GROWING THE ECONOMY IN DECADES

53:35.033 --> 53:37.900
AND YEARS OH TO COME DOWN THE

53:37.900 --> 53:38.933
ROAD.

53:38.933 --> 53:41.567
THERE'S A LEGISLATURE IN

53:41.567 --> 53:46.033
POSITION TO SAY WE THINK,

53:46.033 --> 53:48.867
INSTEAD OF CUTTING EDUCATION

53:48.867 --> 53:51.100
WE'RE GOING REINVEST IT, PROTECT

53:51.100 --> 53:51.700
IT.

53:51.700 --> 53:52.867
MAYBE SOME CONSTITUTIONAL

53:52.867 --> 53:54.333
MANDATE SO WE'RE NOT DUMBING

53:54.333 --> 53:56.833
DOWN THE STATE OF LOUISIANA BY

53:56.833 --> 53:59.367
CUTTING EDUCATION EVERY TIME

53:59.367 --> 54:02.333
THERE'S A BLIP OR A CUT IN OIL

54:02.333 --> 54:02.800
PRICES.

54:02.800 --> 54:04.367
WE EXPECT HURRICANES, WE SHOULD

54:04.367 --> 54:05.967
BE PREPARED FOR THEM.

54:05.967 --> 54:08.567
I EXPECT THAT WE SHOULD HAVE

54:08.567 --> 54:16.900
DROPPED IN AIL PRICES.

54:16.900 --> 54:18.333
>> I COULDN'T AGREE MORE.

54:18.333 --> 54:22.433
ABSOLUTELY NOW IS THE TIME TO

54:22.433 --> 54:25.067
REININVESTMENT, NOW IS THE TIME

54:25.067 --> 54:25.800
TO DO THAT.

54:25.800 --> 54:28.000
IT'S A VERY DIFFICULT

54:28.000 --> 54:29.667
CONVERSATION ABOUT TAXES, HOW

54:29.667 --> 54:32.233
MUCH MONEY DO WE NEED TO TAKE IN

54:32.233 --> 54:35.233
AS A STATEMENT LOUISIANA

54:35.233 --> 54:40.233
CENTERLINE IS A LOW NEXTED

54:40.233 --> 54:41.367
STATE.

54:41.367 --> 54:45.200
IF LOW SS WAS THE ANSWER, WE

54:45.200 --> 54:46.800
WOULD BE ONE OF THE RICHEST

54:46.800 --> 54:48.267
STATES IN THE COUNTRY.

54:48.267 --> 54:49.700
INSTEAD, WE'RE HAVING BUDGET

54:49.700 --> 54:51.000
PROBLEMS YEAR AFTER YEAR.

54:51.000 --> 54:52.600
IT'S A DIFFICULT QUESTION BUT IT

54:52.600 --> 54:54.167
HAS TO BE ASKED AND IT'S A

54:54.167 --> 54:55.667
DEBATE THAT HAS TO HAPPEN.

54:55.667 --> 54:57.400
AGAIN, THE STATES -- IF YOU LOOK

54:57.400 --> 54:58.833
AROUND THE COUNTRY, THE STATES

54:58.833 --> 55:01.633
WITH THE HIGHEST MEDIAN INCOMES

55:01.633 --> 55:06.400
HAVE THE HIGHEST PERCENTAGE OF

55:06.400 --> 55:10.133
THEIR POPULATION WITH BACHELOR'S

55:10.133 --> 55:10.733
DEGREES.

55:10.733 --> 55:14.733
HAVING AN EDUCATED POPULATION

55:14.733 --> 55:15.767
REQUIRES SUSTAINED LONG TERM

55:15.767 --> 55:16.933
INVESTMENTS WE'VE BEEN LOSING IN

55:16.933 --> 55:18.733
THE PAST FEW YEARS AND WE NEED

55:18.733 --> 55:20.100
TO START THINKING ABOUT MAKING

55:20.100 --> 55:21.100
THEM AGAIN.

55:21.100 --> 55:23.233
IT DOESN'T MAYBE LEAD TO A

55:23.233 --> 55:24.933
GROUNDBREAKING OR SOME KIND OF

55:24.933 --> 55:26.800
RIBBON CUTTING CEREMONY BUT IT'S

55:26.800 --> 55:28.133
THE KIND OF INVESTMENT THAT IF

55:28.133 --> 55:30.733
YOU DO IT OVER A ATTEND PERIOD

55:30.733 --> 55:33.400
OF TIME YOU CAN HAVE THAT

55:33.400 --> 55:34.800
DIVERSIFIED ECONOMY I THINK

55:34.800 --> 55:36.767
EVERYBODY WANTS.

55:36.767 --> 55:39.300
>> WE'VE RUN OUT OF TIME FOR OUR

55:39.300 --> 55:40.200
QUESTION-AND-ANSWER SEGMENT.

55:40.200 --> 55:43.900
WE'D LIKE TO THANK OUR

55:43.900 --> 55:46.467
PANELISTS, MR. ALBRECHT, SENATOR

55:46.467 --> 55:48.500
CHABERT, MR. MOLLER AND DR.

55:48.500 --> 55:50.500
DISMUKES FOR THEIR INSIGHTS ON

55:50.500 --> 55:51.400
THIS TOPIC.

55:51.400 --> 55:53.233
WHEN WE COME BACK, WE'LL HAVE A

55:53.233 --> 55:55.733
FEW CLOSING COMMENTS.

55:57.133 --> 55:59.433
**

56:01.033 --> 56:02.667
>>> YOU KNOW, CARL, I SUPPOSE

56:02.667 --> 56:05.333
ARE THERE NO EASY ANSWERS TO

56:05.333 --> 56:06.733
THIS LARGE BUDGET DEFICIT.

56:06.733 --> 56:08.200
>> MAYBE NOT TO THE BUDGET

56:08.200 --> 56:09.667
DEFICIT BUT WE CAN ALL GO OUT

56:09.667 --> 56:12.733
AND GET MORE GAS WHILE IT'S

56:12.733 --> 56:13.300
CHEAP.

56:13.300 --> 56:13.900
>> ABSOLUTELY!

56:13.900 --> 56:15.100
AND I GUESS ONE OF THE THINGS I

56:15.100 --> 56:18.233
LOOK BACK ON IS WHEN WE SET UP A

56:18.233 --> 56:21.200
FUND TO USHER OIL REVENUE WE DID

56:21.200 --> 56:23.167
PUT IT INTO HIGHER EDUCATION.

56:23.167 --> 56:25.400
>> WHATEVER HAPPENED TO THAT OLD

56:25.400 --> 56:27.533
RAINY DAY TRUST?

56:27.533 --> 56:28.667
>> MAYBE WE'LL LOOK AT IT, I

56:28.667 --> 56:29.667
DON'T KNOW.

56:29.667 --> 56:31.367
THAT'S ALL THE TIME WE HAVE FOR

56:31.367 --> 56:32.500
EDITION OF "LOUISIANA PUBLIC

56:32.500 --> 56:33.033
SQUARE."

56:33.033 --> 56:35.133
VISIT OUR WEBSITE AT

56:35.133 --> 56:36.033
WWW.LPB.ORG/PUBLICSQUARE.

56:36.033 --> 56:38.367
WHILE YOU'RE THERE TAKE THIS

56:38.367 --> 56:39.467
MONTH'S SURVEY.

56:39.467 --> 56:42.367
VIEW ADDITIONAL SOUNDBITES AND

56:42.367 --> 56:44.300
COMMENTS ON TODAY'S SHOW.

56:44.300 --> 56:47.067
LIKE YOU DID FOLLOWING LAST

56:47.067 --> 56:49.533
MONTH'S PROGRAM LOUISIANA AFTER

56:49.533 --> 56:50.400
FERGUSON."

56:50.400 --> 56:51.700
POLICE HAVE A LICENSE TO KILL,

56:51.700 --> 56:54.567
IT'S A BLUE-NONBLUISH.

56:54.567 --> 56:55.833
>> BILL WROTE TO US, NO MATTER

56:55.833 --> 57:00.767
OF COLOR, DISOBEY THE POLICE AND

57:00.767 --> 57:03.933
EXPECT CONSEQUENCES.

57:03.933 --> 57:04.367
JOSEPH.

57:04.367 --> 57:05.067
>>> I BELIEVE WE ARE SO

57:05.067 --> 57:07.767
DESPERATE FOR SECURITY THAT WE

57:07.767 --> 57:09.967
SACRIFICE FIRST OUR LEGAL

57:09.967 --> 57:11.400
PROTECTIONS FROM MILITARIZED

57:11.400 --> 57:13.600
POLICE AND THEN WE SACRIFICE OUR

57:13.600 --> 57:15.933
DIGNITY AS HUMAN BEINGS.

57:15.933 --> 57:17.767
THAT WAS COMPLEX TOPIC.

57:17.767 --> 57:19.600
WE THANK EVERYONE FOR YOUR

57:19.600 --> 57:20.167
COMMENTS.

57:20.167 --> 57:21.633
>> NEXT TIME IS GOING TO BE EVEN

57:21.633 --> 57:22.067
TOUGHER.

57:22.067 --> 57:23.733
WE'LL BE TALKING ABOUT CANCER.

57:23.733 --> 57:25.133
>> AND THAT'S A VERY PERSONAL

57:25.133 --> 57:27.633
TOPIC FOR A LOT OF US.

57:27.633 --> 57:28.967
>> WHY DOES LOUISIANA HAVE THE

57:28.967 --> 57:31.033
SECOND HIGHEST CANCER DEATH RATE

57:31.033 --> 57:31.967
IN AMERICA?

57:31.967 --> 57:35.200
WHAT ROLE DO LIFESTYLE AND

57:35.200 --> 57:36.033
GENETICS PLAY IN THE EQUATION?

57:36.033 --> 57:37.967
JOIN US NEXT MONTH AS "LOUISIANA

57:37.967 --> 57:41.167
PUBLIC SQUARE" BRINGS TOGETHER

57:41.167 --> 57:44.833
RESIDENTS LIVING WITH CANCER.

57:44.833 --> 57:47.633
WE'LL EXPLORE "CANCER IN

57:47.633 --> 57:48.233
LOUISIANA."

57:48.233 --> 57:49.633
THANKS FOR WATCHING AND GOOD

57:49.633 --> 57:50.200
NIGHT.

57:50.200 --> 57:52.367
>> GOOD NIGHT, EVERYONE.

58:02.200 --> 58:15.367
**

58:18.133 --> 58:19.533
>>> FOR A COPY OF THIS PROGRAM

58:19.533 --> 58:23.667
CALL 1-800-9573-7246.

58:23.667 --> 58:28.267
OR GO ONLINE TO

58:28.267 --> 58:29.533
WWW.LPB.ORG/PUBLICSQUARE.

58:29.533 --> 58:31.033
>>> SUPPORT FOR THIS PROGRAM IS

58:31.033 --> 58:34.767
PROVIDED BY THE FOUNDATION FOR

58:34.767 --> 58:38.400
EXCELLENCE IN LOUISIANA PUBLIC

58:38.400 --> 58:39.533
BROADCASTING AND FROM VIEWERS

58:39.533 --> 58:41.033
LIKE YOU.