Wyoming Oil Industry Still Hampered by Weak Prices
CASPER, Wyo. (AP) — Low oil prices continue to stifle activity in Wyoming's oil industry.
Benchmark prices are lingering under $50 a barrel. Wyoming producers say they can manage above $50 but sustained low prices can slow down production and exploration.
Steve Kirkwood of Casper-based Kirkwood Oil and Gas says he's holding off on new drilling in older oil fields right now.
Analysts are divided on what will happen with crude prices from here. Some are bullish but others including Phil Flynn with Price Futures Group in Chicago are more bearish.
Flynn says improved efficiencies are allowing U.S. oil companies to produce at lower prices than they used to but probably not below $45.