Energy
What three major fossil fuel resources contribute to Wyoming's energy economy?
Coal, oil, and natural gas
What is one example of outdoor recreation that depends on healthy ecosystems?
Hunting, fishing, hiking, camping, wildlife watching, or boating.
What are two major agricultural activities in Wyoming?
Livestock ranching and crop or hay production.
What is an ecosystem service?
A benefit humans receive directly or indirectly from ecosystems.
What is the natural resource curse?
The observed tendency for some economies heavily dependent on natural resource extraction to experience weaker long-term economic growth or other economic difficulties despite having abundant resources.
What is a severance tax?
A tax imposed on the extraction of natural resources, such as coal, oil, and natural gas.
How can outdoor recreation contribute to a local economy?
Visitors spend money on lodging, restaurants, guiding services, equipment, and transportation.
What natural resources are essential for agricultural production?
Land, water, soil, and vegetation.
How many ecosystem service categories did Costanza et al. identify?
17
What term describes the repeated economic expansions and contractions experienced by Wyoming because of changing energy markets?
Boom-and-bust cycles.
What is one economic benefit and one potential environmental cost of energy development?
Benefits include employment, tax revenue, and energy production. Potential costs include habitat disturbance, air pollution, and water pollution.
What recreation category contributes the most to Wyoming's economy?
Hunting (also includes shooting and trapping). Contributed $109 million in 2024
What ecosystem service helps maintain fertile soil by recycling essential nutrients?
Nutrient cycling
What was the estimated average annual economic value of the world's ecosystem services?
Approximately $33 trillion per year, in 1994 U.S. dollars.
According to the article, what are two strategies Wyoming can use to reduce economic instability associated with resource dependence?
Saving resource revenues during economic booms and diversifying the economy and state revenue sources.
According to Ostlind (2022), approximately what proportion of Wyoming's annual state revenue historically came from energy-related royalties, severance payments, and other taxes?
About two-thirds, on average, according to the historical figures discussed in the article.
How might energy development create an economic tradeoff for a community that depends on outdoor recreation?
Energy development may generate jobs and tax revenue, but it can also affect scenery, wildlife habitat, and recreation opportunities that support tourism.
How can drought create economic challenges for agricultural producers?
Drought reduces water availability and forage production, potentially increasing feed costs, reducing crop yields, and forcing ranchers to reduce livestock numbers.
Which contributed more to the estimated global value of ecosystem services: marine or terrestrial ecosystems?
Marine ecosystems account for approximately 63% of the estimated total.
What Wyoming fund was established to save a portion of mineral extraction revenues and generate income for the state?
The Permanent Wyoming Mineral Trust Fund.
How can heavy dependence on energy production make Wyoming's economy vulnerable?
Fluctuations in energy prices and production can cause major changes in employment, personal income, and government revenue, creating boom-and-bust cycles.
What percentage of Wyoming's GDP does outdoor recreation account for and what is the estimated dollar amount? (2024 data)
4.5% and $2.3 billion
A rancher wants to increase livestock production, but excessive grazing could damage riparian habitat. What economic and environmental trade-off must be considered?
The rancher must weigh potential additional revenue from livestock against the long-term costs of vegetation loss, soil erosion, reduced water quality, and habitat degradation.
Why did the authors argue that their $33 trillion estimate was likely an underestimate?
Many ecosystem services were excluded or inadequately measured, and the study could not fully capture the complexity and interdependence of ecological systems.
Why might economic diversification be difficult in a state that depends heavily on mineral extraction?
Energy and mineral industries can attract labor, investment, infrastructure, and political support that other industries need to grow. This makes establishing alternative economic sectors difficult.