After oil closed yesterday at $27, thoughts of what the future holds occupied my mind as I made the short drive from Denver to Laramie, Wyoming, last night.
The continued volatility of commodity prices makes the future feel uncertain for many. The drive through the vast open spaces of Wyoming, with stars sparkling overhead and not another soul for miles along the highway, provided the perfect backdrop and the time for me to slow down and think about the future.
Yesterday's price plunges were surprising. Oil reportedly has not dipped below $27 for more than a decade – since 2003, when I was in undergrad in Laramie, again thinking about the future as a bright-eyed college student preparing for law school.
Fast forward to present – today, I had the opportunity to be a guest lecturer in Laramie, for the second semester in a row, for the University of Wyoming's Agricultural Law course, taught by Justina Floy, Staff Attorney for the Second Judicial District Court. I spoke about Wyoming's Surface Damages Act and went through typical Surface Use Agreement provisions and negotiation issues.
The students were bright and engaged – asking thoughtful questions even though it was 8 a.m. and we all needed more coffee. They were much more involved and enthusiastic than I remember being in any course at 8 a.m., that is for sure. Their excitement for learning new things and their energy was contagious. Many of the students were from Wyoming, so they know the impacts of the boom and bust nature of the energy industry well.
The takeaway from my morning guest-lecturing and engaging with these students is that we need-not worry so much about what the future holds. Commodity prices will likely stay volatile – in fact, CNN reports today that the International Energy Agency stated in its monthly report that "[w]ith the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term."
Despite this, knowing that highly engaged students with bright and excited minds are out there studying, being innovative, asking thoughtful questions and coming up with creative solutions made me realize one thing – the future is bright.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
