CHEYENNE, Wyo. \u2014 Governor Mark Gordon formally announced the launch of Power Wyoming yesterday, a planning effort with an initial goal of providing an accurate and comprehensive analysis of Wyoming\u2019s future revenue scenarios to Wyoming citizens and lawmakers. This effort also includes an analysis of policies impacting the state and will generate ideas to create new opportunities to benefit Wyoming.\r\n\r\n\u201cKnowledge is power,\u201d Governor Gordon said. \u201cPower Wyoming will arm Wyoming citizens and policy makers with data on a range of economic scenarios so we can all make informed decisions about our future moving forward.\u201d\r\n\r\nGovernor Gordon\u2019s office and state economists detailed preliminary data compiled by Power Wyoming this morning at a meeting of the Wyoming State Legislature\u2019s Revenue Committee in Cheyenne. The group\u2019s modeling showed scenarios of declining revenues for several years. The scenarios show that it is unlikely that Wyoming can continue to rely on a combination of coal, natural gas and oil revenues to sustain itself in the long-term. It also modeled a decline in population and jobs in the near term.\r\n\r\n\u201cThe hard truth is, Wyoming faces many external pressures impacting our future and those have often seemed to drive our own economic fate,\u201d continued Governor Gordon. \u201cThere are many economic forces out of our control, including other state and federal policies, market demands and world events. However, there are many ways we can control our destiny to position Wyoming for economic stability \u2014 but they require planning and action.\u201d\r\n\r\nIncluded in the Power Wyoming presentation was an overview of industry and governmental policies that are impacting energy production. Revenues and jobs from oil, gas and mining are the top drivers of Wyoming\u2019s economy, and the state is the leading energy exporter in the nation by a wide margin.\r\n\r\n\u201cWyoming is blessed to have such incredible energy resources,\u201d Gov. Gordon said. \u201cWe need to position ourselves to plan for changes in energy production. We have now started the conversation, and I look forward to talking with all citizens about the future of our economy.\u201d\r\n\r\n\u201cI want to compliment the Governor for his willingness to analyze the carbon risk facing the state,\u201d said Senator Cale Case, co-chairman of the Joint Revenue Committee. \u201cWhen I began serving in the legislature, we believed coal would last 200 years. Now with both coal and natural gas in decline, we are facing a new reality.\u201d\r\n\r\n\u201cNow that we have a solid understanding of what needs to happen, the real work begins,\u201d added Representative and co-chairman Dan Zwonitzer. \u201cWe are now faced with difficult policy decisions and decisions about how best to solve our state\u2019s structural deficit.\u201d\r\n\r\nGovernor Gordon noted that Power Wyoming is a first-step in a process of understanding and tackling the state\u2019s sizable revenue shortfalls in the near- and long-term. The immediate budget deficits faced by the State, as noted in the recently updated CREG projections, signal a need for further spending reductions coupled with strategic policy shifts over time. Power Wyoming also includes efforts to support locally-led planning efforts and establish more resources for those communities.