It should come as no surprise but the Uintah Basin economy relies greatly on the Extraction industry. As was shared during Tuesday’s Vernal Chamber luncheon meeting, 60 percent of the economy in the Basin and 50 percent of the jobs come from Extraction. Studies have shown that there is 250 to upwards of 750 billion barrels of oil in the Uintah Basin. It’s also estimated that there is 110 trillion cubic feet of gas in the Uintah Basin and Pieance Creek. The latest effort to explore rail as a transportation option is because it is believed producers would produce more if they had the means to ship and sell to outside markets with a better price per barrel available.
