Louisiana's energy industry presents "great economic growth opportunities for Acadiana," according to the state's Secretary of Economic Development. Steven Moret told a group of local business and community leaders Tuesday that ultra-deep oil and gas exploration and production will be one of the driving forces in the future of Louisiana's economy. Moret was the presenter for "Eggs 'N' Issues, a breakfast series of topical programs produced by the Greater Lafayette Chamber of Commerce.

Moret's comments along with a recent federal vow to speed up offshore energy production allows for "guarded optimism" says Rob Guidry, Chamber President and CEO. Guidry notes that, while President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico, "there is still the issue of the 'permatorium' or the lack of drilling permits being issued for the Gulf of Mexico."

The Lafayette Chamber has been at the forefront in calling for a resumption of deep water exploration and production in the Gulf of Mexico in the wake of last year's BP oil spill. Answering this call from Gulf Coast states, Obama said in his most recent weekly radio and Internet address he would extend all Gulf leases that were affected by the temporary moratorium on drilling.

"Extending leases offshore for a year certainly makes sense and should be done" says David Welch, President & Chief Executive Officer of Stone Energy. Welch was the 2010 Chairman of the Lafayette Chamber and provided leadership in responding to the federal moratorium. He notes that "companies paid for 5 or 10 year leases not 5 year leases that were really 4 years because of the moratorium." He is also guarded in his reaction to President Obama's announcement that would give companies additional time to begin drilling. "The energy industry is waiting to see what is actually done in Washington not just what is said to try to appease voters who are paying higher gasoline prices. "

Secretary Moret predicted that Acadiana will become the energy center for Louisiana as deepwater drilling resumes and expands in the Gulf of Mexico.