CASPER, Wyo. (AP) - The national benchmark for crude, West Texas Intermediate, dipped under $50 a barrel on last week. But those in the Wyoming oil industry aren't panicking over the recent plunging prices.
Before the price slide, oil's unusual stability had improved Wyoming's outlook, boosting revenue projections, driving increased drilling and drawing a return of jobs that had disappeared during the downturn.
Josh Wilson of Wilson Machine in Douglas and Casper tells the Casper Star-Tribune that even with the price at $50, nothing is coming to an immediate halt.
Wilson says over the last 18 months people put plans into action and set contracts and leased land for development.
He says fluctuation is the norm in the oil business and long-term trends are more important to watch than short-term drops.