New Wyoming Economic Report Brings More Good News

The July 2018 edition of the Wyoming Insight economic report includes more hopeful signs for the state economy.

Senior State economist Jim Robinson says the report shows both oil and natural gas prices improving in July. Natural gas averaged $2.48 per million British thermal units (MMBtu) in July, compared to $2.28 per MMBtu in June.

Meanwhile, the price of West Texas crude oil went from an average price of  $67.52 per barrel in June of 2018 to $71.02 last month. The July 2018 price per barrel of oil was also up by a whopping $24.37 per barrel than the July 2017 average price.

Oil and gas jobs numbered 12,300 in June (the last month for which figures are available), an increase of 900 from one year earlier.

Robinson says the only real concern in the report is that while oil and gas jobs have been increasing in recent weeks, the increases are relatively small. He says that raises concerns that the economy may have hit its peak, or be in the process of doing so.

Even so, Robinson says the report overall is "pretty good news" for Wyoming.