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Wed November 30, 2011
Wyoming revenue picture is not as dismal as some suggest
The administrator of Wyoming’s Economic Analysis Division says the state’s long range economic forecast is that revenues for energy development should be stable. Some lawmakers contend that recent revenue reports suggest that Wyoming will have less money in the future, and they want state agencies to trim budgets between five and eight percent.
But Buck McVeigh who co-chaired the state economic forecast says it is far from dire. But he added during an interview on Tuesday that the very high prices Wyoming has received for its natural gas will likely level off.
"That might be a little bit under pressure right now as more natural gas and storage levels remain quite high. But none the less, we are not forecasting anything in a dismal sense, just flat.”
While McVeigh says the revenue forecast is far from gloomy, he noted that Wyoming is heavily dependent on energy prices and so lawmakers are wise to keep spending in check. Governor Matt Mead plans to announce his proposed two year budget on Thursday.