“North Dakota accounts for about 12 percent of total U.S. crude production,” reports the Dickinson Press. “That’s up from 1 percent less than five years ago.”
That’s an astounding statistic, especially when you consider that North Dakota’s expanding “slice” is part of an overall oil production “pie” that is also expanding dramatically. Some are projecting that America will surpass Saudi Arabia as the world’s top producer of oil by the end of the decade.
Per Mark Perry, North Dakota is now producing more oil than Egypt and Argentina:
The state’s oil production has doubled in just the last 16 months, from 364,160 bpd in May of last year to 728,494 in September of this year. Oil coming out of the state’s Bakken Formation is behind the huge increase, as that oil field in western North Dakota now supplies 91% of the state’s oil, up from only 78% of the state’s oil two years ago. Bakken oil output has doubled in just the last 15 months, from 320,435 bpd last June to 662,428 bpd in September. At the current pace of production increases, North Dakota’s oil production will surpass one million bpd by the end of next year. And it’s the exponential increases in shale oil production in the Bakken region of North Dakota and the Eagle Ford Shale region of Texas that have the United States on a trajectory to become the world’s largest oil producer in the next eight years.
Equally impressive is the fact that the state of North Dakota is now producing more oil for the first time than both the entire national production of Egypt (719,000 bpd) and Argentina (723,000 bpd), based on international oil production data from the Department of Energy for the month of June.
Drill, baby, drill.