Laramie County Commissioner Keith ''Buck'' Holmes says that while there is no doubt oil exploration in Laramie County has taken big hit because of low oil prices, there are still some hopeful signs for the industry over the long term.

Holmes says there are still quite a few local applications for drilling permits being filed.

He also says he's had conversations with industry insiders that indicate many of them feel oil drilling in the county could be profitable if the average price of a barrel of oil could rise above $50 per barrel. He adds those kind of prices would obviously not spark the same kind of "'boom" activity as was the case with prices at $100 per barrel but says the lower prices would still help jumpstart the industry in Laramie County.

The price of crude oil has been in the range of $37-$38 per barrel on most markets in recent weeks.

Congress recently passed a law allowing the export of American crude oil for the first time since 1973, but it remains to be seen what impact, if any, that will have on crude oil prices.

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