There is a chance that the property market of Wyoming will greatly benefit if a planned oil shale is completed in the state. Properties under residential and commercial property list are expected to get buyers' attention more so than before.
According to local economists, an oil boom usually benefits an area's housing market, infrastructure, values of land and social services ahead of other sectors. The planned Niobrara oil project will likely do the same, Cheyenne foreclosure listings being just some of the sectors that will grab the attention of investors and buyers.
However, the biggest potential impact of the rumored project will not just be on foreclosure listings in Wyoming, but on counties that have long been neglected by businesses and investors. The counties of Platte and Goshen are two of the state's poorest areas and should the oil project pushes through; they will be the first to benefit from the revenue.
According to some local officials from Platte, an oil drilling project will definitely help offset the impact of real estate foreclosure listings problems on the housing market. However, they stated that they are not sure whether the news is true or not. So far, they claim that no drilling activity has been done on any area of the county.
Goshen officials agree with their Platte counterparts. They reveal that they have yet to see any activity related to an oil drill or any interest in the area's commercial property list. They did hear news that land owners are flocking to the court house. Some even stated that rumors abound about landowners getting over $200 for every acre for oil leases.
Oil industry experts have stated that should the oil shale project happen in Wyoming, the state will experience the same changes that happened in Williston, North Dakota when the oil field in Bakken was developed. They stated that a population growth is inevitable, and so is revenue increase. Wages will also increase and more work will be available to local residents.
Local economists have asserted that an oil project in the state will be very beneficial indeed for the area and its residents. More revenue will come in and more buyers willing to purchase properties from residential and commercial property list will appear in the state.
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