North Dakota Oil Production Sets Another Record In August Passing 700,000 Barrels/Day
Drill baby drill:
Some fun facts from Professor Mark Perry:
1) The state’s oil production in August was 57% above a year ago, and followed annual increases of 59% in July and 72% in June.
2) North Dakota produced 73% more oil than Alaska in August, marking the sixth consecutive month that North Dakota has out-produced Alaska. The Peace Garden State surpassed Alaska’s oil production for the first time in March to become the country’s new No. 2 oil state, second now only to first-ranked Texas.
3) The number of active oil wells in North Dakota increased to 7,408 in August establishing a new state record. Over the last year through August, an average of almost seven new oil wells were put into production every business day, and each of those new wells is the equivalent of adding a new $8-10 million business to the state’s economy, see recent CD post for more details.
4) The amount of oil produced per active well in North Dakota increased in August to a new record-high of 2,906 barrels during the month of August, which was 20% above the oil output per well a year ago, and likely reflects the increased efficiency gains from advanced drilling technologies like “pad drilling” that are gaining popularity.
Meanwhile, employment in North Dakota has grown 6.4% over the last 12 months, which is a rate 540% faster than the national average of 1% over that same period. Which means the Bakken oil boom is pretty much the most effective “jobs program” in the country. Not only does it not cost taxpayers a dime, it actually pumps huge amounts of revenue into the state’s coffers which could be used for tax relief (hint, hint ND legislators).
That’s the sort of thing which happens when government regulates with a light touch and lets industry create jobs and prosperity.Tags: bakken, North Dakota News, oil