The local story of the year, the price of oil.

I saw diesel fuel for sale here yesterday for $2.09.

$2.09.  I haven't seen it that low in years and years.  Gasoline is down to $1.70.

 

Old Skelly station in Casper Wyoming.

The Casper Star Tribune lead off today noting that the US and Wyoming petroleum production for 2015 remained steady, in spite of the drop in price.  Now, that's also remarkable.  The globe is in surplus on the product, U.S. production is not dropping, apparently it can keep pace with the decline in price. . . at least so far.  Consumption globally is not increasing.  The Saudi gambit does not appear to be working.

The Chinese economy, which some hoped would pick up the slack, is slowing.  The global economy is expected to slow in 2016.  Wyoming is down to ten working rigs. Ten.

In spite of this, I keep hearing a few "it'll pick up".  But mostly, it's now "we're hanging on", and people still employed in the industry are worried. They have good reason to be.