News April 2020

Four UW Department of Economics professors combined for a Politico article, titled “We Were Skeptical Social Distancing Was Worth the Economic Cost. Then We Modeled It.” The costs of slowing the economy are high, but are worth it from an economic perspective, wrote David Finnoff, Stephen Newbold, Jason Shogren and Linda Thunstrom, along with economics graduate student Madison Ashworth.

The Wyoming Tribune Eagle interviewed Thunstrom, who discussed the need for social distancing during the coronavirus pandemic. Thunstrom recently co-wrote a new report that weighed the costs and benefits of shutting down the economy to curb the spread of COVID-19. Cowboy State Daily, The National Review and The Sheridan Press published similar articles about Thunstrom’s research into social distancing.

UW economist Rob Godby commented in a CS-T article that detailed how coal production in Wyoming continued to tumble, with output during the first quarter setting a new two-decade low, data released by the U.S. Energy Information Administration shows.

Cowboy State Daily interviewed Godby for an article as to why Wyoming’s gas prices at the pump are not as low as compared to other states.

WIRED interviewed UW economist Rob Godby for an article that focused on Wyoming’s wind energy future. The article stated that the Cowboy State could be a renewable energy juggernaut but is dominated by fossil fuels.

According to an analysis by Godby, employment reductions in the Powder River Basin have not kept pace with the deteriorating demand for coal in recent years. His study was cited in a Casper Star-Tribune (CS-T) story on workforce reductions at three coal mines in the basin.

Cowboy State Daily interviewed UW economists Godby and Linda Thunstrom for an article on how the pandemic could affect Wyoming’s housing market. Thunstrom said there is less data coming in right now because of stay-at-home orders, and the overall effect will not be known until all information is received.

Thunstrom penned an article for the science journal Nautilus about the effectiveness of using prayer to address COVID-19. While religion can promote prosocial behavior and prayer can offer comfort to people, it also can interfere with public efforts aimed at controlling a crisis, she says.

A study by four UW economists was cited by Resources Magazine for an article, titled “Can Economics Tell Us When It’s Safe to Return to Life as We Knew It?” Writing the study were UW professors David Finnoff, Stephen Newbold, Jason Shogren and Thunstrom, along with economics graduate student Madison Ashworth. Their work noted that the costs of slowing the economy are high, but are worth it from an economic perspective.

OnOffice Magazine interviewed Finnoff on how the coronavirus COVID-19 will change how offices will be constructed to safeguard against future pandemics.

The Latin American Post, in Colombia, Wyo4News and Oil City News published UW’s release on that same analysis, which was published by UW economists Linda Thunstrom, lead author on the study, Stephen Newbold, David Finnoff and Jason Shogren, and graduate student Madison Ashworth, of Star Valley. Montana Gov. Steve Bullock cited the UW team’s study in his letter to the state’s legislators, who he says are “politicizing” the pandemic, according to The Independent Record in Helena. Alaska Public Media published a similar article.

E&E News, a news organization focusing on energy and the environment, interviewed Shogren for an article, titled “If one life costs $10M, economists say keep the U.S. closed.”

UW’s release noting the increased time constraints and the need for convenience in raising children appear to offset parents’ concerns about the future when it comes to their carbon footprints, was published by Science Daily and Environmental News Network. Shogren and Thunstrom, along with a colleague in Sweden, conducted the research.

UW economist Rob Godby spoke with The CS-T about Wyoming operators who are still feeling the economic pinch despite a global deal last week to offset the crude oil glut. Godby says the worldwide COVID-19 pandemic has a lot to do with too much oil on the market. He also spoke with Wyoming Public Radio on the same subject.

The CS-T interviewed Godby for an article that focused on the Federal Reserve Bank of Kansas City that reported a sobering snapshot of the U.S. energy sector during the coronavirus pandemic.

Godby also was interviewed by Energy Central regarding how COVID-19 is affecting how wind energy is being hampered in Wyoming.

UW economist Rob Godby discussed with The Casper Star-Tribune (CS-T) the ramifications of the negative price for oil, especially for Wyoming’s producers. Godby also was quoted in The Tennessean on how the pandemic has affected energy markets in central America.

ADVFN and Fidelity Investments Research, both financial market websites, quoted Godby for an article on how the rapidly falling oil prices will affect regional economies.

With the COVID-19 economic shutdown, Wyoming coal production might see a decline of about 18 percent this year -- 8 percent more than earlier projections, according to UW’s Godby -- The CS-T noted.