GNO Economic Development Package

Wednesday, April 29, 2009

As the 2009 state legislative session gets underway, Greater New Orleans, Inc. said it will be active in targeted areas of Energy, Trade, Creative Media, and Tax Competitiveness.

The Energy policy platform is branded as REEL - Renewed Energy Economy of Louisiana.  The energy package includes legislation to incentivize deep gas exploration and enhanced oil recovery.  The energy legislation will be led by Rep. Nickie Monica from the River Parishes and Senator Blade Morrish from Southwest Louisiana.

A recent study conducted by economist Dr. Jim Richardson projects that the combined impact of passing the energy bills would increase state revenues by $25 billion dollars over the next 30 years through increased oil and gas production, especially in south Louisiana.

Michael Hecht, President and CEO of GNO, Inc. said, "The REEL energy proposal will be our signature issue of the spring legislative session, with significant economic gains for the region if passed into law, in terms of new business activity in the oil and gas industry."

The REEL Coalition is led by GNO, Inc. and supported by several business groups thus far in and out of the region, including the Plaquemines Association of Business & Industry, River Region Chamber of Commerce, local business councils, South Louisiana Economic Council, Lafayette Economic Development Authority, and South West Chamber of Louisiana.

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