| New Orleans has always been too dependent on the oil
industry. When it faltered due to
an international drop in prices,
New Orleans lurched into a
decade-long recession known as
the Oil Bust.
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We
worked closely with the Port of New Orleans to get state funding for the
creation of new docks to handle container cargo. Without new facilities, the Port risked
losing cargo to other Atlantic and Gulf of Mexico ports with thousands of jobs in New
Orleans at stake. The combination of the Port of South Louisiana, the Port
of New Orleans and the Port of Baton Rouge constitute the
world's largest port system. But in a very competitive global economy, we were well aware
that facilities that slowly become obsolete lead quickly to a serious, potentially
devastating disadvantage.
New Orleans trade accounts for
107,000 jobs and $13 billion in spending statewide. Each year more than 100,000 barges
pass through the Port of New Orleans. In 1998, the port was the 4th most active in the
nation.
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