Low Energy Prices Pose Continued State Budget Problems
CHEYENNE, Wyo. (AP) — Wyoming fiscal analysts are warning that soft energy markets promise financial trouble for the state for years to come.
The state's Consensus Revenue Estimating Group released its annual revenue forecast Monday. The group says unprecedented declines in coal production as well as low prices for other energy require the state to brace for continued falling revenues.
The report says Wyoming coal production dropped more than 30 percent in the first half of 2016 compared to the same period the year before.
The report projects revenues will fall more than $150 million short of covering the two-year, $3-billion general fund budget that started in July even after the $250 million in cuts that Gov. Matt Mead made this summer.
Mead is set to discuss the report Monday morning in Cheyenne.