Crude Oil Prices On The Rise Again

Crude oil is approaching $100 a barrel again, and one economist predicts that will have both positive and negative effects on Louisiana. Crude oil prices are on track to hit $100 a barrel again-perhaps within the next few months. LSU Economist Dr. Loren Scott says that would be both good and bad for Louisiana. First the good: Dr. Scott says state revenues will benefit from higher-priced oil. Then there is the bad: Scott also says we will all be paying $3.25 or more for a gallon for gasoline. Dr. Scott feels consumer anger over rising gas prices could pressure the Obama Administration to ease drilling restrictions, and let petroleum extraction in the Gulf get up and running again. He says that, too, would have a beneficial effect.