Government Energy Policy, Business and Technology

Wyoming's oil recovery adds $140 million to state coffers, easing woes. But budget deficit persists.

Casper Star Tribune: Wyoming lawmakers received a second round of good news regarding the state’s looming budget shortfall Monday morning when the Legislature’s official revenue estimate was revised upward following October’s unexpectedly positive projection.

The Legislature will have $140 million more to use for the coming two-year budget cycle as a result of several changes to the model used by the state’s Consensus Revenue Estimating Group, primarily related to an improved oil market.

Specifically, the CREG revision amended its October report to account for what its members believe will be an annual increase of several million barrels of oil and a price jump of $5 per barrel over the coming years.

“This is a significant increase to our oil forecast but it is not unwarranted,” said Don Richards, administrator of the Legislative Service Office budget division and a co-chair of the CREG committee.

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