Oil plunge raises economic questions

CHEYENNE — Oil prices worldwide suffered a major hit over the weekend, reaching a four-year low in the United States, and the rapid changes in the global economy could have major implications for Wyoming.

U.S. oil prices were down by as much as 34% on Monday, largely due to two factors: a price war between Russia and Saudi Arabia, and dropping demand as the coronavirus continues to spread globally.

The effects of the rising supply and dropping demand of oil could be felt in Wyoming, where oil extraction is a linchpin of the state’s economy. The price plunge came in the days immediately...

 

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