Oil: the cause of, and solution to, all of LA’s problems

Let’s take a quick trip back to 1949, when a greedy, short-sighted, racist political boss named Judge Leander Perez decided to play some high stakes political poker with President Harry Truman. The story is one of those pivotal “what if” moments in Louisiana history. Here’s the Times Picayune’s version of events:

The stubborness of Judge Perez cost Louisiana about $50 billion dollars. Of course, one shudders to think how such a sum would’ve been “invested” over the decades by state leaders. However, today there is no debate. Everyone in Louisiana supports current legislative attempts to replicate the terms of Truman’s generous oil/gas revenue deal. If my state gets increased royalty payments, it will pass a State Constitutional amendment dedicating those funds toward rebuilding and protecting coastal Louisiana. You can bet the farm on that eventuality– an amendment will pass by 4 to 1 or better in a special election that’s already been scheduled.

tpmcafe