Wyoming Governor Matt Mead says, while it will take some time, he believes the state's struggling energy industry can come back.

Governor Mead kicked off the Wyoming Business Report's annual Energy Summit at Little America in Cheyenne Thursday morning.

"We need a 20 year plan of how we're going to diversify our economy for both new industries and what we do within the tried and true industries that have meant so much to our state, most particularly in the energy sector," said Governor Mead.

Governor Mead says the state can't fully diversify its economy in four or eight years.

"We need a 20 year plan that sustains and can go through different administrations, different governors and legislators," said Governor Mead. "I think the University of Wyoming and the Wyoming Business Council are going to be key to that."

"If we begin now and set those benchmarks out, 20 years from now we can look back and say, 'You know what, we got it done. We have diversified the economy so that we are not so sensitive to mineral prices and so that we keep our young people in the state,'" added Governor Mead.