In the nation’s 5th largest oil producing state, the rig count is down. Last year at this time, Wyoming had 22 rigs pumping crude, while this year there are only 8 operating across the state. That has us in the “deepest downturn” since the 1990s. “Scores of companies have gone bankrupt and an estimated 250,000 oil workers — roughly half in the United States — have lost their jobs.” “Executives think it will be years before oil returns to $90 or $100 a barrel, a price that was pretty much the norm over the last decade.”

Because of a surplus around the world and here in the United States, oil prices are too low to open some of the rigs again. With oil at $45 a barrel, it may be quite some time before it starts flowing again.

As I have mentioned before, the loss in the energy sector is being somewhat counterbalanced by tourist dollars that are up because of the low gasoline prices. Low prices also help financially strapped consumers and businesses.

Other countries are suffering – “and it's not just Russia and Venezuela. Even OPEC members are in trouble, despite having the power to change the balance on the market.” Small comfort that we are not alone.

In the video from better times, which could be considered NSFW for some language, you see roughnecks working hard on a good day. Imagine this job in the heat of summer, and the wind, the rain, snow and cold at other times.

RESPECT.

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