Wyoming energy industry is just about dead.

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wyominglarry's picture
wyominglarry
Status: Member (Offline)
Joined: Sep 18 2009
Posts: 1
Wyoming energy industry is just about dead.

Here in Wyoming there are only 35 rigs drilling for oil and gas.  This time last year there were 119 rigs in Wyoming.

Our coal mines are in danger of laying off workers for the first time in many years.

The economy in our state is crashing and the media and state govenment act like it is no big problem.

I do not believe any of the unemployment numbers nor do I believe that we have reached the bottom of the depression.

 

 

 

npwebb's picture
npwebb
Status: Silver Member (Offline)
Joined: Mar 25 2009
Posts: 111
Re: Wyoming energy industry is just about dead.
wyominglarry wrote:

Here in Wyoming there are only 35 rigs drilling for oil and gas.  This time last year there were 119 rigs in Wyoming.

Our coal mines are in danger of laying off workers for the first time in many years.

The economy in our state is crashing and the media and state govenment act like it is no big problem.

I do not believe any of the unemployment numbers nor do I believe that we have reached the bottom of the depression.

 I don't know any of the particulars but with the price of oil projected to continue to rise on a weakening dollar and shrinking supply this coming summer, I can't imagine that a whole lot of capped wells will not be back in production soon.

A number of wells in Central California were capped when Oil fell below $100/barrel.  It's just not profitable to keep wells in production at lower price levels.

Keeping posting updates, though, it would good to know if this thesis holds up.

 

 

 

 

Full Moon's picture
Full Moon
Status: Diamond Member (Offline)
Joined: Oct 14 2008
Posts: 1258
Re: Wyoming energy industry is just about dead.

 Yes please keep us updated .   Our income, and many others , comes from running the coal trains .  I am sure UPRR will be laying some off again .  We  did not think that electricity use was down .

indypatriot's picture
indypatriot
Status: Member (Offline)
Joined: Sep 1 2009
Posts: 2
Re: Wyoming energy industry is just about dead.

While this relates to North Dakota - not Wyoming - I was interested in the significance of keeping a major oil source offline. If true, who is behind it, what are the reasons? I am curious if anyone has fact-checked this story:  

3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
Released: 4/10/2008 2:25:36 PM

Contact Information:
U.S. Department of the Interior, U.S. Geological Survey
Office of Communication
119 National Center
Reston, VA 20192

http://www.usgs.gov/newsroom/article.asp?ID=1911

npwebb's picture
npwebb
Status: Silver Member (Offline)
Joined: Mar 25 2009
Posts: 111
Re: Wyoming energy industry is just about dead.

I'm going from memory here so I may be wrong.

The Bakken formation is tar sand.  It's there and in large amounts but it is expensive to recover and refine and has significant enviornmental impact.

It goes back to the Crash Course.  The best in quality and easiest to get will be "gotten" first. 

The Bakken formation will be used when the supply/demand forces prices up and it makes economic & political sense to spend the money to go get it.

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