IncSmart Wyoming (Small Business and Startups) - Wyoming oil prices climb higher. Officials with the Wyoming Office of State Lands and Investments say the state has made $60 million from oil and gas lease sales this year. These fees exceed the states revenue goal. Oil prices hit close to $60 a gallon last week. This is a great sign for Wyoming oil producers, and all oil sand and oil shale resources in Utah, Colorado and Wyoming. The most viable areas in the world for oil and gas are located in America: Texas - 1st, Oklahoma - 2nd, North Dakota - 3rd, West Virginia - 5th, Kansas - 6th, and Wyoming - 9th.
The increase in oil prices, also increases activity in the oil fields, which generates more jobs
and revenue. Oil rigs operate in the Powder River Basin. In Wyoming, the price for operators is always a few dollars less than the West Texas Intermediate. Wyoming has kept 25 rigs for the last six months, up from single digits at the beginning of 2016 when the price fell below $30 a barrel. This lower price slowed production and drilling, but did not stop the rigs from producing oil.
By IncSmart Staff Writer
Starting a Business in Wyoming
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