- Associated Press - Wednesday, July 20, 2016

CASPER, Wyo. (AP) - While the oil market has shown increased stability, those in the industry say it’ll still take some time for Wyoming producers to feel confident enough to start drilling again.

The Casper Star-Tribune reports (https://bit.ly/2a7Dilg ) that the price of U.S. crude oil was $44.65 a barrel Tuesday, up from a 13-year low in February. The figure still marks a decline from recent weeks when the price was about $50 a barrel.

Petroleum Association of Wyoming President Bruce Hinchey says Wyoming production likely won’t see a strong return until prices are between $55 and $60 a barrel. He says producers need to see the price stabilize before they determine that drilling is worth the cost.

Analysts say prices will stabilize toward the end of the year, creating a positive outlook for 2017.


Information from: Casper (Wyo.) Star-Tribune, https://www.trib.com

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