With prices under a dollar fifty, many are enjoying saving at the pump, but what does this mean for our local economy?

“For Louisiana, particularly Acadiana it’s a double edge sword,” said Gifford Briggs.

The price of crude oil has dropped to 28-dollars a barrel.

While low prices at the pump are good for drivers, Louisiana Oil and Gas Association Vice President, Gifford Briggs says they aren’t good for the local oil and gas industry.

“So instead of investing and drilling more wells, companies just pull back and they don’t invest. We’ve seen the rig count go from 2,000 rigs in the United States down to about 650 rigs,” says Briggs.

Joshua Rossyon lives in Breaux Bridge, he says he is happy to see the price drop.

“Love gas prices are amazing, honestly ten dollars can get me half a tank,”” says Rossyon.

Another factor to consider is the supply and demand.

Briggs is also concerned now that Iran will be entering the world oil market.

“They plan on adding anywhere from 500,000 to two million barrels of oil,” says Briggs.

Briggs says there is already a surplus of oil and this will only add to the pressure on the industry.

“So instead of having two million barrels of surplus capacity, we’re going to be producing anywhere from two million to four million barrels of capacity, which is only going to add additional downward pressure on pricing,” says Briggs.

Briggs says eventually the price of oil will rise and Acadiana will recover.