CHEYENNE, Wyo. (AP) — Gov. Mark Gordon has announced a new initiative to study the economics behind Wyoming's reliance on coal, oil and natural gas production revenue.

In a statement released Monday, Gordon says his initiative is a first-step in a process of understanding and tackling the state's sizable revenue shortfalls in the near- and long-term.

The Republican governor says it will take planning and action for the state to attain economic stability in the future.

Preliminary data presented Monday to the Legislature's Joint Revenue Committee revealed an ominous financial outlook with overall mineral revenue declining 10% as soon as next year.

Gordon says the numbers indicate a need for further spending reductions coupled with strategic policy shifts over time.

The governor's initiative has been dubbed Power Wyoming.