Depressed Energy Industry to Blame for Weak Wyoming Economy
Low oil and natural gas prices continue to take their toll on the Cowboy State.
"The state's economy is relatively weak," said Chief Economist Wenlin Liu. "As far as the labor market for the second quarter of 2015, total employment didn't really change much from the previous year and the main reason was the energy sector. As a result of global oversupply and weak demand, oil prices are extremely low and that's why our oil and gas extraction industry is really facing a difficult time now."
Liu says despite eight months of consecutive declines, the number of drilling rigs exploring for oil and natural gas in the state did slightly increase in August.