Wyoming Oil, Gas Downturn Continues to Take Toll on Economy
CASPER, Wyo. (AP) — A new report says low oil prices and the coronavirus pandemic continue to take a toll on Wyoming’s economy.
A global oil price war and the pandemic have caused petroleum operators to halt drilling plans, shut in wells and lay off workers in droves.
The Wyoming Economic Analysis Division says only one rig in Wyoming was exploring for oil in Wyoming in September and none was looking for gas.
The Casper Star-Tribune reports oil prices in September averaged under $40 per barrel, down 6% from August and too low for many Wyoming producers to profit.