A treasure trove of energy resources continues to power Wyoming’s economy in 2025. Recent assessments by government experts have revealed substantial oil and gas reserves across the state’s major basins. The U.S. Geological Survey (USGS) found 47 million barrels of technically recoverable oil and 876 billion cubic feet of natural gas still available in Wyoming’s main basins.
Even more promising, a May 2025 assessment by the Department of Interior and USGS identified 473 million barrels of undiscovered oil and a whopping 27 trillion cubic feet of undiscovered natural gas in southwestern Wyoming alone. These findings come after a century of exploration and extraction in the region.
Wyoming’s oil production increased 4.2% compared to last year, reaching about 107 million barrels in 2024. The Powder River Basin remains the state’s powerhouse, accounting for 83.6% of oil production. This basin produced around 222,000 barrels per day in December 2024.
Natural gas production has seen a slight 2.6% decrease compared to last year, but it’s still on track to outperform 2024 levels. Five major operators control nearly 62% of Wyoming’s gas output, which totaled 811 billion cubic feet in 2023.
The Powder River, Wind River, and Bighorn basins remain essential to Wyoming’s energy sector. Together, they hold nearly 50 million barrels of oil and close to 1 billion cubic feet of gas in remaining reserves. Over the past century, these three basins have yielded about 4 billion barrels of oil. Advanced techniques like Enhanced Oil Recovery methods could significantly increase the amount of recoverable resources in these established basins.
While crude oil prices have dipped 16% below last year’s levels, falling under $70 per barrel, the state forecasts a price of $65 per barrel for 2025. Meanwhile, natural gas prices have surged dramatically, up 176.5% compared to last year.
Despite price fluctuations, Wyoming’s energy sector remains critical to the state’s economy. With substantial undiscovered resources and advancing technology, the industry’s future appears bright in the Equality State. However, the growing renewable energy market could eventually challenge Wyoming’s traditional fossil fuel dominance.
References
- https://www.uwyo.edu/ser/research/centers-of-excellence/energy-regulation-policy/_files/crew-report-may-2025.pdf
- https://www.uwyo.edu/ser/research/centers-of-excellence/energy-regulation-policy/_files/crew-report-25-april2.pdf
- https://edit.doi.gov/pressreleases/interior-releases-assessment-undiscovered-oil-and-gas-resources-southwestern-wyoming
- https://www.wsgs.wyo.gov/products/wsgs-2025-OG-summary.pdf
- https://cowboystatedaily.com/2025/03/19/new-report-says-theres-still-a-lot-of-oil-and-gas-under-wyoming/
