CASPER, Wyo. — On Tuesday, the Wyoming Economic Analysis Division released its October 2022 issue of its “Wyoming Insight” report, which indicated the oil rig count in the state has recovered to pre-pandemic levels.
There was an average of 22 active oil rigs in October, up from 15 in October 2021. The oil rig count was also up from an average of 18 active rigs in August and 20 active rigs in September. While the oil rig count has recovered to levels not seen since late 2019, the conventional gas rig count has not yet recovered to pre-pandemic levels, the report showed.
The conventional gas rig count in October was four in Wyoming, down from five in August, according to the Economic Analysis Division.
Oil prices stayed above $80 per barrel for the 10th month in a row in October, but natural gas prices fell below $6 per million British thermal units, the division said.
There were a total of about 8,600 oil and gas jobs in Wyoming in September, up about 700 from September 2021, according to the Economic Analysis Division. However, oil and gas jobs remain below pre-pandemic numbers. There were about 12,000 oil and gas jobs in the state in April 2020, the Economic Analysis Division said.
Total employment in Wyoming also remains down from pre-pandemic levels.
“Relative to February 2020 (before the pandemic hit the labor market in March 2020), total employment has still not fully recovered, primarily due to slow recovery in the mining industry” Dylan Bainer, principal economist with the Economic Analysis Division, said.
While mining-sector jobs haven’t recovered to pre-pandemic levels, sales and use tax collections from the mining sector were up 47.7% in October compared with October 2021. Sales and use tax collections from the mining sector have been on the rise for 14 months in a row, the Economic Analysis Division said.
Total sales and use tax collections reached $84.7 million in October, up 23.7% compared with October 2021. Further details are available in the full October 2022 Wyoming Insight report:
