CODY – Oil and gas have been major drivers of the Wyoming economy since the Equality State achieved statehood. U.S. production of oil has risen in recent years, with Wyoming producers increasing the amount they pulled out of the ground from 2017-2019, according to the state geological survey. But as it has with so many industries, the coronavirus pandemic hit the oil industry hard.
The analysis of the impact of the fluctuating oil markets was recently released by the Wyoming State Geological Survey. While the full effect of plummeting prices is yet to be known, even with the much-discussed cuts to government agencies across the state, the report does give a window into how the cuts happened.