Wyoming could be heading for economic upswing

Oil Pump Jack, Photo Date: August 13, 2008 / Cropped Photo: Paul Lowry / CC BY 2.0 / (MGN)

CASPER, wyo. (AP) - Thanks to a positive start to the year for the drilling industry, Wyoming appears to be on the cusp of an upswing in the state's volatile economy.

According to a report released Monday by the Wyoming Consensus Revenue Estimating Group, Wyoming's revenue collections are exceeding start-of-year projections by $54.5 million, or 5.4 percent.

The Casper Star-Tribune reports that these numbers mark a noticeable improvement over CREG's somewhat pessimistic January report.

However, state officials warn that the improvement experienced at the start the year only illustrates the nature of the state's energy-reliant revenue streams, whose increases and decreases largely align with the success of the energy sector.