The Economic Impact of Port Fourchon
“Port Fourchon is located in Lafourche Parish on the Gulf of Mexico Coast. Firms operating out of the Port service an estimated 90% of the oil and gas exploration activity in the Gulf. There is an important distinction between the impact of Port Fourchon on the local and state economies and its impact on the nation as a whole. In addition to spending at the port itself, Port Fourchon plays a crucial role in supplying the nation’s energy. For the nation as a whole, Port Fourchon’s role in the energy supply chain is the key to its economic impact.”
Impacts on the U.S. National Economy:
“For this task, we use a model developed by Richardson and Scott and the experience from Hurricanes Katrina and Rita to estimate the impact on the U.S. economy of a three-week loss in services from Port Fourchon due to damage from a hurricane, a terrorist attack, or some other destructive phenomenon.”
The results imply that a three-week loss in services from Port Fourchon would lead to:
- A loss of $11,226.7 billion in sales at U.S. firms;
- A loss of $3,156.2 million in household earnings in the U.S., and;
- A loss of 65,502 jobs in the nation.