North Dakota Oil Production Still Booming
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This growth in oil production has been an absolute boon for North Dakota, driving much of the increase tax revenue that has lead to the half a billion dollar surplus the state is enjoying right now.
But you know what would kill this renewed investment in North Dakota's oil industry? ND Senator Byron Dorgan's "windfall profits" tax on the oil industry, which would deny the oil industry the profits they are reinvesting into places like North Dakota in order to expand domestic production of petroleum.
I think we need to ask ourselves why Senator Dorgan is supporting legislation that would hurt North Dakota's booming economy.
BISMARCK, N.D. (AP) Oil production continues to grow in North Dakota.
Assistant state Oil and Gas Division Director Bruce Hicks says the state could see more than 500 well permits this year. That has not happened in ten years.
And oil and gas officials say North Dakota wells are producing more than 110-thousand barrels of oil per day for the first time in nearly 20 years.
This growth in oil production has been an absolute boon for North Dakota, driving much of the increase tax revenue that has lead to the half a billion dollar surplus the state is enjoying right now.
But you know what would kill this renewed investment in North Dakota's oil industry? ND Senator Byron Dorgan's "windfall profits" tax on the oil industry, which would deny the oil industry the profits they are reinvesting into places like North Dakota in order to expand domestic production of petroleum.
I think we need to ask ourselves why Senator Dorgan is supporting legislation that would hurt North Dakota's booming economy.
