Petroleum Association of Wyoming hopeful for bounce back in 2021
President Pete Obermueller is confident in Wyoming oil and gas producers to be ready when the demand for oil and gas returns.
CASPER, Wyo. (Wyoming News Now) - 2020 has been a difficult year for the oil and gas industry, and it is a main economic driver in Wyoming. The Petroleum Association of Wyoming is hoping for a bounce back year in 2021.
Wyoming ranked eight nationally in production of crude oil and natural gas, and the industry employed over 19,000 people in the state in 2019, according to the Petroleum Association of Wyoming.
In July this year, no rigs were operating in Wyoming, which is the first time that has happened since 1884.
Pete Obermueller, president of the Petroleum Association of Wyoming, is confident that the industry will bounce back soon. He said, “We’ll start seeing quite a bit more activity into 2021, particularly as this vaccine rolls out and is successful god-willing, so I’m hopeful in the near term.”
He believes that the demand will be there. “People want to get together. People want to see their families. People just want to go on vacation for crying out loud,” said Obermueller. “So once we get a vaccine and we can get through this, you’re gonna see a lot of pent up demand coming back.”
Obermueller noted that the industry is ready to bounce back, and people will see production increases, rehiring, and tax revenues return as demand returns.
He also acknowledged that how oil and gas fits into Wyoming’s economy long term deserves “a careful look.”
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