CASPER, Wyo. (AP) — Plunging oil prices and other factors are slowing Wyoming’s fledgling oil boom.
Industry executives and observers blame a 40 percent drop in price, months of tepid global demand and news that the Organization of Petroleum Exporting Countries will not curtail production.
Anschutz Corp. is scaling back from its aggressive plans to drill for oil in Campbell County.
Peter Wold is president of Wold Energy Partners and CEO of Wold Oil Properties.
Wold tells the Casper Star-Tribune (https://bit.ly/1yc68Ii) that if prices remain as low as they are it could have a fairly dramatic impact on the state’s oil industry.
Industry analysts say prices need to be higher in order to support the high cost of exploring and drilling for oil in Wyoming.
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Information from: Casper (Wyo.) Star-Tribune, https://www.trib.com
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