This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER — With the price of oil dropping below $50 per barrel we are seeing some of the lowest gas prices in a decade. That’s the good news.

The bad news is the low prices are hurting Colorado’s oil and gas industry, and if it lasts too long, there could be layoffs across the state.

The industry has become the economic life-blood for several small towns and their residents.

Companies in Weld County say they aren’t slowing down production, but they are scaling back drilling operations.

“It`s great for the United States. We`re not relying so much on foreign oil but if you`re in the business and you have an over supply and lower demand, it`s ‘gonna mean some lower prices for a period of time,” Doug Hock of Encana said.

None of the oil companies in our area say they’re looking to layoff workers yet.