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Iberia Parish economic update: Tarantino details oil, gas and airport gains; Hangar Drive and AVX projects advance
Summary
The Iberia Industrial Development Foundation presented a quarterly economic briefing highlighting rising rig permits, mixed crude and gas prices, strong retail sales in March 2026, Hangar Drive infrastructure work and an AVX expansion groundbreaking planned for June 8.
Mike Tarantino, president and CEO of the Iberia Industrial Development Foundation, presented the council with a quarterly economic update on April 22, 2026, citing recent energy‑sector volatility, airport activity and local investment that parish leaders said support ongoing infrastructure projects.
Tarantino reported Louisiana rig counts and drilling permits remain volatile but generally up from last year, cited February crude prices (West Texas Intermediate) and mixed natural gas prices, and noted March retail sales in Iberia Parish totaled $48,758,415.72. He highlighted ongoing airport activity (monthly operations and Freeman Jet Center) and said phase one of a $16 million Hangar Drive extension is under way to connect the airport to Highway 3212, with a planned roundabout in a later phase to complete the link.
Tarantino also previewed a planned June 8 ceremony for AVX expansion at the airport and described continued industrial activity at the Port of Iberia and Progress Point that could tie to state economic development tools. Council members asked about the sewer collection project needed for Progress Point; staff described a planned $60 million sewer facility with possible state contributions and bonding to fill funding gaps.
Tarantino described the Delta Biofuel pelletization plant’s technical issues — the company invested roughly $100 million initially and was reported to be investing an additional amount for equipment to reduce dirt content in its product — and said improvements are expected for the upcoming grinding season. Council members pressed for clarity on tax and TIF revenues and reminded constituents that local businesses can register with Source Louisiana (sourceiana.com) to bid on project supply opportunities.
The economic update provided context for council discussion about forthcoming public hearings, capital projects and possible use of TIP/TIF district funds for sewer infrastructure to support commercial development.
