Oil Prices Drag Down Wyoming Revenue Forecasts
CHEYENNE, WY. (AP) — A drop in oil prices has dragged down Wyoming’s revenue forecasts.
New estimates released Monday by the Consensus Revenue Estimating Group have reduced expected state revenue for 2019-2020 by $125.1 million from its October predictions. In 2021-2022, an additional reduction of $145.4 million is anticipated.
The report did note an increase in sales and use taxes mainly because of activity in the oil and gas sector.
While Monday’s report puts a damper on October’s predictions, the state is still expecting higher revenues than CREG predicted a year ago. The newest CREG report still shows Wyoming should see more than $400 million added into its General Fund Account and Budget Reserve Account.
Gov. Mark Gordon says the lower revenue estimate was expected and noted sales and use tax numbers are up.