Oil production continues to fall in Wyoming. The first records of the state’s production in 2017 show it’s down about 14% from the same time last year.
Oil and gas commissioner Tom Fitzsimmons said that decline is likely to continue. To stop it, prices would need to stabilize first around $55 per barrel while they have recently been between $46 and $48 per barrel.
Fitzsimmons said prices are driven up if there's less supply, though that supply keeps on coming. He pointed to the state’s network of ducts.