4 Comments

  1. Nancy Broussard

    Your timeline is a bit off, leaves out some important notes.

    The Oil Bust that nearly cleaned our clocks began at the end of 1982, relenting briefly around 1984, and growing deeper and wider in 1985 and 1986. My family lost a business in August of 1985; we were in the ‘oil industry’ and did not know it. When one of the majors strings a service company out 120 days, and the service company is pushing 120 days with you, you can’t pay your vendors. It’s useless for your client to try to collect from the major, because they’ll never do business together again. The oil company will find another hungry vendor.

    My husband started a new business, I got a slave-wage job in tourism. Hotel occupancy was of as much as 95% in early 1986. The pipe salesmen didn’t stop overnight anymore. The region latched on to its culture and capitalized on the attraction it always was. Festival International was born at this time.

    What happened between the recovery, which began in or around 1991-2, and 2015, when the Second Great Oil Bust became evident?

    • Bookscrounger

      Thanks, Nancy.

      I agree with you. The oil bust was bad for a lot of people. My point wasn’t that people weren’t affected, it’s simply that Lafayette continued to grow, despite the pain.

      I’ve changed the date to ‘1980’s’ from 1984; different people tag the beginning of the oil bust at different times.

      Thanks again.

      • Nancy Broussard

        My pleasure. Forgive me, but I sometimes have a painfully accurate memory. Don’t really know how this evolved.

        History is inevitably by altered by those who experience it in different ways. What has had me scratching my head so much over the past three years of the current oil bust is why we did not learn from our previous experience. Isn’t it time we quit bettin the farm on one horse?

        • Bookscrounger

          Well, the leadership has had some success bringing in other businesses. I have been disappointed that we haven’t used the LUS 1Mb/sec fiber to bring in more.

          Oil employees only account for something like 7% of the Lafayette MSA workforce, and that percentage is dwindling as other sectors and the local population grow. But the current oil slump has only reduced the petroleum workforce by about 20-30%, which is only about 2% of total employment.

          That 2%, however, is enough to drag down the entire economy.

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