Drilling for Gas and Oil in Wyoming Moving Slow
The gas and oil industry of Wyoming has recently had it rough and no one is quite sure exactly when things are supposed to get better. Drilling for oil and gas has decreased to the lowest rate experienced since 1999 – and to top it off, the price for oil is so low that petroleum companies aren’t even able to invest in the industry for further exploration.
Last summer, the price of a barrel of oil was more than $100. Even after recovering from a sharp decrease, prices this summer are only at $58. As of the end of April 2015 there were only 23 rigs searching for oil throughout the area of Wyoming. A major difference from the 61 in commission at the end of 2014.
Petroleum Association of Wyoming President Bruce Hinchey explained why low process are problematic for petroleum companies. “When we were at $80 a barrel, everybody was drilling, everybody was pretty happy, but when it gets to $40 or $50, they’re not making any money, or very little, and it’s not a good time to go out and expand their drilling programs.”