Wyoming

Wyoming's economy operates at a scale impossible in denser states: 580,000 people occupy an area larger than the United Kingdom. This sparseness makes resource extraction and tourism the only viable economic foundations. Coal mining in the Powder River Basin produces 40% of America's coal, while oil and gas extraction provides additional revenue. Yellowstone and Grand Teton National Parks draw millions of visitors annually.

The state has no income tax, funding government almost entirely through severance taxes on mineral extraction. This creates fiscal volatility as commodity prices swing, and an existential threat as coal demand declines with energy transition. Wyoming has attempted to position itself for carbon capture and hydrogen production, betting that its geology and existing infrastructure can be repurposed for low-carbon energy.

Jackson Hole represents Wyoming's other economic model: extreme wealth concentration in a resort community where billionaires price out millionaires. The contrast between Powder River coal country and Teton County's hedge fund managers illustrates Wyoming's bifurcation. The state's political power vastly exceeds its population—two senators for fewer residents than Baltimore—which it uses to protect extractive industries and maintain its distinctive low-tax model.