Lex Anteinternet: Lex Anteinternet: $40/barrel?: Lex Anteinternet: $40/barrel? : Driven by Saudi Arabian efforts, the price of petroleum oil is falling through the floor. When I las...West Texas Light is at $54.73 this morning. Wyoming's crude, which was at $80/bbl in September is likely below that now. Rigs are being stacked.
And 2,000 more people left the state this past year than moved in. That's a clear sign. We're in a slump right now, in spite of denial of that by people who are hoping that booms are endless. Anyone who has lived here for awhile knows this to be the cycle of the industry, and should not be surprised, but no doubt many are.
Of course, this may be a slump, not a crash. But the local oil economy is just a service economy for existing production if oil is in the $50s. There's no sign of that changing any time in the near future.