The Associated Press reported Wyoming will employ federal coronavirus relief funding to help push forward oil and gas projects that have been idle amid pandemic-induced shutdowns. The pandemic has taken a toll on a number of industries – and the nation’s oil and gas industry is no exception. Federal support for an industry that is critical to national security and energy independence should continue to remain a top priority as more COVID-19 related shutdowns that may harm key industries can be expected under a Biden administration. AP News reporter Mead Gruver writes:
“These funds will have a direct impact on Wyoming’s employment rate and put people back to work in our oil and gas sector,” Wyoming Gov. Mark Gordon, a Republican, said in a statement Tuesday announcing up to $15 million in assistance through a new Energy Rebound Program.”
The $15 million in funding through the Energy Rebound Program would directly impact Wyoming’s employment rate and bring back jobs in the oil and gas sector. The federal funding comes directly from the CARES Act and will help to complete oil and gas wells in addition to cleanup efforts. Operators in Wyoming will be able to benefit from up to $500,000 in aid from this plan. An official statement from Gov. Gordon’s office reads as follows:
“When global demand for oil plummeted due to COVID, work stopped almost immediately, with oil and gas companies conducting a few activities to safely stop ongoing drilling and reclamation activities. This left many projects in limbo, awaiting capital to continue.
The use of the funds will provide a stimulus to the economic recovery. Funds would be used to commence operations that would include the hiring of crews, many of whom would stay at hotels near the project, water acquisition, ordering of supplies and equipment for drilling and re-completions, and plugging and abandonment activities.”
Wyoming plays a significant role in national energy production – and the Energy Rebound Program will play a key role in bolster this critical industry. In 2019, Wyoming ranked eighth nationally in both crude oil and natural gas production, producing 102.1 million barrels of crude oil that same year. Wyoming’s energy industry plays a valuable role in powering our nation and this funding will be critical in salvaging one of America’s cornerstone sectors.
To learn more about Wyoming’s Energy Rebound Program, please visit https://www.wyomingbusiness.org/.