Wyoming Oil Industry Shows Signs of Rebounding
Boom Bust - Boom Bust.
That has always been the Wyoming way when it comes to energy.
While this might not be a BOOM, at least Wyoming's oil industry is recovering.
There was steady growth after the shocking decline due to COVID-19.
President Biden has not been helping the recovery in any way. In fact, he's made it worse.
No one can understand why the President would work to slow domestic production while asking for more output from foreign nations like Russia.
Despite it, all global oil prices and demand have increased in previous months.
“Since COVID, of course, the ride was like everywhere else, a significant decline almost immediately as everything shut down, and then it’s been difficult to get restarted,” said Rob Godby, an energy expert at the University of Wyoming. “We have seen a rebound in oil production in the state that’s not to where it was pre-pandemic but definitely on that course again. With prices as they’ve been over the last six months, much higher than most people expected, those revenues have really made up for losses elsewhere.” (Wyoming Public Media).
Demand for oil is higher and trouble with Russia is causing some to look back to domestic oil.
This also has some wondering if we will see a resurgence in the natural gas market.
“Natural gas supplies haven’t come back as quickly either, in part because natural gas producers have reacted in the same way—very cautiously, even though natural gas prices are also high,” Godby said. “A lot of natural gas in the United States is produced with oil, and so if oil producers, for example in the Permian Basin, are not producing as much oil, then not as much gas is being delivered to the market either.” (WPM).
The demand is there. The prices are adjusting.
Now we just need to solve the supply chain problem.
The energy industry in America is not back to where it was but there are signs of improvement.
Really the only thing that can hold back recovery is more harmful directives from the Biden Administration.