Wyoming: Oil Boom Finished Before it Starts?

Posted December 2, 2014 at 9:21am

The Casper Star Tribune reports that “plunging oil prices are prompting companies to shelve expansion plans in the Cowboy State, raising doubts over the future of Wyoming’s fledgling oil boom.”  

“Industry executives and observers said they expect drilling in Wyoming to slow after a 40 percent drop in price, months of tepid global demand and news that the Organization of Petroleum Exporting Countries will not curtail production.”  

“‘I think it is going to have a fairly dramatic impact if prices stay here,’ said Peter Wold, president of Wold Energy Partners and CEO of Wold Oil Properties LLC. ‘The cost of tubulars and services, drilling rigs, roustabout crews. It all adds up to be expensive when you drill one of these horizontal wells.'”