CHEYENNE, Wyo. (AP) – Workers closed Wyoming’s last active oil rig on Tuesday and a state official says it is just the second time since 1884 that Wyoming has had zero gas rigs in operation.
The Petroleum Association of Wyoming estimates that one lost rig means roughly 100 lost jobs.
The number of rigs typically indicates an area’s oil and gas activity and the number a year ago was 37. This year, demand for oil has dropped sharply because of the coronavirus pandemic while a global price war led to further drops in production.
The collapse in energy prices and the pandemic have led Wyoming state analysts to predict a $1.5 billion revenue decline.