Wyoming’s Energy Prices Are Shifting In Surprising Ways

The November 2025 issue of the Wyoming Insight is out, offering its monthly snapshot of the state’s energy landscape and business climate. You can find the full report on the Wyoming Economic Analysis Division’s website, though readers may notice a few familiar tables this month — delays from the recent federal government shutdown held up new data on agricultural prices and residential building permits, so those sections remain unchanged from October.

One of the biggest takeaways this month is the split between natural gas and oil. Natural gas prices climbed noticeably in November: Henry Hub averaged $3.78 per MMBtu, up both from last month and from a year earlier, while Opal Hub reached $3.15, also seeing solid month-to-month and year-to-year gains. Oil, on the other hand, continued its downward slide. West Texas Intermediate crude averaged $60.06 a barrel in November, marking its fourth straight monthly drop and falling more than 14% compared to last year. Drilling activity reflects the slowdown too, with just nine active oil rigs in the state, down from twelve a year ago.

The report also notes a dip in consumer activity through sales and use tax collections. November brought in $77.4 million — about $2.6 million less than the same month last year. According to Dylan Bainer, Principal Economist for the Economic Analysis Division, it’s the fourth time in five months that year-over-year collections have fallen. The mining sector contributed to the decline with a 6.9% drop from last November, while retail trade, the state’s largest sector for these taxes, bucked the trend slightly with a small 1.4% gain.

All in all, this month’s Insight paints a picture of a state economy feeling the push and pull of shifting energy prices and cooling tax revenues — a reminder of just how quickly Wyoming’s economic landscape can change from one season to the next.