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I have no idea how widely it is being reported in the national news, or to what extent the average person would take note of it were they to come across the pertinent news item, but Wyoming is slumping hard now, and surely in recession. About 5000 jobs have been lost year over year in the oil&gas sector alone, and all the major coal companies operating in the state have declared bankruptcy in the past few months with substantial numbers of miners being laid off. Current sales revenues and sales tax receipts are off by about 20%--if I recall the numbers recently reported correctly. So Wyoming's economy, perpetually swinging from boom to bust with the commodity cycles, is now big time bust. A scant two years ago, it was booming, with many drilling rigs actively operating in regions of the Niobrara Shale. Unemployment figures were a tad above 2%--full employment, in other words--and only one or two other states (North Dakota, I think) could boast lower unemployment numbers.
On Friday, Wyoming's largest gas producer--Ultra Petroleum--filed for bankruptcy, which I believe makes it the 5th publicly traded oil&gas firm to have failed in 2016 (could be I've missed one or more MLPs operating in the sector.) Ultra Petroleum failed for the exact same reason basically which all the other failing firms in the sector have been brought down by: over optimism/confidence when prices were higher, leading to too aggressive use of debt to acquire more lease acreage in the rush to expand that virtually the entire sector participated in; not too many operators were looking down, or worried about the possibility of markedly lower prices, as starkly evidenced by their hedging activity. You made more money if you didn't hedge, so why bother? Now of course they all wish they had done a lot more bothering.
Ultra Petroleum won't be last to fail unless prices move sharply higher from here quickly--which seems unlikely. Still, no doubt many industry executives have their fingers crossed and are perhaps spending more of their Sundays in church saying their prayers. When you're down to prayers, well, it is a sign of the times, to quote from one recently departed (Prince.)
Coal will quite possibly or even likely will never come back to what it was even a few years ago. Wyoming coal is cost advantaged and low sulfur as well, so it could be that it could end up doing relatively well as higher cost (primarily eastern) mines close down one by one. And a colder winter would help matters considerable, as would higher natural gas prices--which will surely move higher some day. In the meantime, Wyoming's top lawmakers are going through all the classic steps as this downturn hits hard: anger, blame, denial, refusal to accept the new reality, etc. Their ideology requires them them to rail against the EPA and the "Obama war on coal" while rejecting any notion that the world is changing and that sooner or later global warming is going to mean stricter and not looser limits on carbon emissions, which will strike no place harder than the coal industry. Unless some more cost effective carbon capture technology can be developed--no easy feat, else it would have already been accomplished by now--Wyoming is facing a tough transition away from much state revenues from coal based mineral extraction royalties, a transition that could last for many years.
Tourism is and will be this year one of the few bright spots. Last year visitation to Yellowstone/Grand Tetons set a new record, and with subsequent sequential monthly growth in national employment and continued low gas prices, it seems reasonable to think that new records will be set this year. Hopefully so, because the state will need every extra dollar it can get as it weathers the current energy driven bust. Folks who show up for the Rocky Mountain O' Festival will be doing their part, and will be extra welcome this year!
Note
Had planned to hop on the trainer again today and aim for 15 minutes, but when the sun defied the forecast and popped out in the morning, I changed plans and headed outdoors to walk instead--first a walk of about 45 minutes in the morning, and then a longer walk for nearly 2 hours in the afternoon.
In between, Graham Baird was kind enough to swing by and say hello after skiing at Happy Jack. It was fun to see him though at first I didn't recognize him (he has grown something of a beard, the better to do course setting by, I should guess). We looked at some maps of his area for the O' Fest and talked some diverse geology related themes. It was good to see him.