The price of oil is back up.
Not back up to what it was before it began sliding, but it's definitely back up. After having slid to $26/bbl a couple of weeks ago its trading for nearly $40/bbl.
And there's reason to believe that his price will actually stick.
The price at the pump is also back up. I drove to Rock Springs yesterday and filled up in Rawlins. A little over a week ago I did the same thing and bought diesel there for about $1.60 something. Yesterday it was $1.80 something. And looking at the filling stations, feul generally seems to be have risen over 20 cents in a week, quite a rise in a short time.
However, the price is still generally low, at least low compared to what it recently has been, and the layoffs here continue on. That's no surprise, of course, as absent a massive rise, things in the works for companies keep on for a time. Anadarko announced its layoffs this past week. Encana will be this week. And yesterday it was learned that Halliburton is closing its local office. That last one is quite a blow.
So, while the price seems to be stabilizing, maybe, the question is what is it stabilizing at? $40/bbl is too low to really help the local economy, and even $50/bbl would be a problem. It doesn't appear we're going to see a big rise soon, but perhaps these levels sustain some local production.
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