Oil Prices
The rapid decline of energy prices has proved challenging for Utah and the Division. Earlier this year no new oil wells were being drilled in the state- a first since the late 1960’s. As of July 20, there are four rigs operating, compared with 17 in 2015 and 25 in 2014.
In 2014, oil prices topped out at $100 a barrel. Last year, they bottomed at $30 and have gone as low as $20 this year. Oil currently is selling for under $50 a barrel.
We monitor the prices daily and hope for a rebound of prices in the near future.