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Wyoming ties highest rig count of pandemic amid supply chain, labor woes

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Wyoming ties highest rig count of pandemic amid supply chain, labor woes


The Wyoming oil and fuel business is working extra drilling rigs this week than at any time within the final six months.

Between November and Might, the statewide rig depend fluctuated from 14 to 16, in accordance with Baker Hughes. Its climb to 18 as of Friday ties the very best documented rig depend within the state for the reason that begin of the pandemic.

“I believe we’ll proceed to see some will increase,” mentioned Ryan McConnaughey, communications director for the Petroleum Affiliation of Wyoming.

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The collapse of oil costs in early 2020 prompted corporations all over the world to close in present wells and reduce on new drilling. And when the U.S. financial system reopened, comparatively abruptly, final summer time, demand shortly outstripped provide.

Wyoming oil and fuel corporations’ curiosity in drilling elevated as demand pushed oil costs up towards the tip of 2021, and skyrocketed together with the value of oil within the months after Russia invaded Ukraine.

A yr in the past, U.S. oil benchmark West Texas Intermediate averaged about $68 per barrel. This week, it value nearer to $115 per barrel.

Corporations’ uncertainty about investing in new wells underneath the Biden administration, which has angered business by delaying its first onshore oil and fuel lease sale by greater than a yr, light as oil soared to its highest sustained value since 2014.

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However regardless of the constantly excessive costs of latest months, provide chain points and labor shortages have prompted main slowdowns for brand new manufacturing.

Wyoming, energy industry tell judge oil and gas leasing pause was illegal

“Certified personnel stay onerous to supply because the business ramps again up. Each facet of the business is on the lookout for related expertise,” Invoice DeGraeve, director of drilling for Casper-based True Drilling, mentioned in an emailed assertion.

True is at the moment working one in all Wyoming’s 18 lively rigs, in accordance with DeGraeve. The corporate plans to face up one other within the state this month — a extra favorable scenario than that of some smaller Wyoming operators, which have but to safe a rig after trying to find one for months.

The oil and fuel business is accustomed to the ups and downs of the markets it serves. Each bust shrinks the pool of accessible suppliers and laborers, and the inevitable growth strains what stays, usually leading to greater prices and longer wait instances.

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However this cycle, DeGraeve mentioned, “is as extreme as any prior to now.”





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Wyoming

Wyoming Senate supports enhanced oil recovery bills

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Wyoming Senate supports enhanced oil recovery bills


CHEYENNE – State senators have thrown their support behind two measures designed to incentivize enhanced oil recovery production in Wyoming. On Friday, the Senate Minerals, Business and Economic Development Committee approved both Senate File 17, “Carbon dioxide-enhanced oil recovery stimulus,” and Senate File 18, “Enhanced oil recovery-severance tax exemption.” SF 17 would appropriate $10 …



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Wyoming Senate takes step to reduce regulatory barriers to housing developments

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Wyoming Senate supports enhanced oil recovery bills


CHEYENNE – Communities across the state are lacking in workforce housing, defined as homes affordable to middle-income people. Experts cite many reasons for Wyoming’s housing crisis, and an overregulated environment for builders is among them. In 2023, local residents protested and ultimately derailed a plan by a Cheyenne developer who wanted to build an apartment complex with exercise …



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Wyoming and Massachusetts Join Growing List of States Considering Bitcoin Reserves – Decrypt

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Wyoming and Massachusetts Join Growing List of States Considering Bitcoin Reserves – Decrypt


Wyoming and Massachusetts have joined the expanding number of U.S. states that may soon vote on establishing Bitcoin reserves, with representatives from both states submitting draft legislation supporting the initiative on Friday. 

In Wyoming, a group of five Republican legislators submitted a bill that would permit the state treasurer to invest public funds in Bitcoin, but no other digital assets.

In recent weeks, other states have put forth slightly more permissive bills, which would in some cases allow states to invest in stablecoins and other cryptocurrencies that surpassed $500 billion in market capitalization—though as of this writing, Bitcoin is the only asset that meets that requirement.

Wyoming’s bill is also more restrictive in another regard: It would only permit its treasurer to invest 3% of a given state fund in Bitcoin. Proposed legislation in other states, such as Pennsylvania and Oklahoma, would allow for investments in digital assets to make up 10% of similar public funds. 

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Meanwhile, in deep blue Massachusetts, a lone Republican state senator proposed a bill on Friday proposing the establishment of a Bitcoin strategic reserve. That act, submitted by Peter Durant, is more permissive than Wyoming’s, and would allow for up to 10% of Massachusetts’ rainy day fund to be comprised of Bitcoin or any manner of digital asset.  

At this point, nearly one-fifth of all U.S. state legislatures are poised to soon formally weigh whether to invest public funds in Bitcoin and other cryptocurrencies. Every such proposal has been submitted in the aftermath of Donald Trump’s re-election in November, by Republicans.

Trump, long a crypto skeptic, abruptly changed tack on the campaign trail this year after being a noted Bitcoin critic in the past. In July, onstage at a Bitcoin conference in Nashville, he called for the federal government to establish its own Bitcoin stockpile

The chorus for such initiatives is rapidly gaining momentum. On Friday afternoon, Coinbase CEO Brian Armstrong publicly called for the creation of a U.S. Bitcoin strategic reserve for the first time. 

The next global arms race will be in the digital economy, not space,” Armstrong said in a company blog post. “Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation states.”

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Edited by Andrew Hayward

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