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Parish posts ‘unheard of’ growth

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Leading the way was an increase of more than $16 million (126 percent) in oil and gas extraction revenue. John Hood of Hood Petroleum said higher gas prices and technological advances have fueled the recent area growth in the petroleum industry.

“It’s been known for a long time that some of the deeper formations in this area had gas in them,” Hood said. “But 30 years ago the technology wasn’t there to get it out.

“Now, they can get it out, and the higher gas prices have made it profitable.”

Hood said the prospects for area gas and oil extraction remain strong.

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