History in the Making: North Dakota Oil Boom
North Dakota oil boom opportunities that have opened up because of the oil and gas well development in the Bakken region of North Dakota have had a measurable impact on the economy, on our country’s ability to meet its own energy needs, and on the ancillary industries that have grown up around the region to support the North Dakota oil boom. Bakken oil fields extend from Saskatchewan, Canada into Montana and as far as South Dakota, but the majority of the opportunity is in North Dakota; oil boom is almost too conservative a word for what has occurred in the region.
The North Dakota oil boom has transformed the state. This sleepy whose population only grew by 20,000 between 1980 and 2010 is set to more than double its population by next year, thanks to the North Dakota oil boom. Once suffering along with the rest of the nation with high unemployment rates, North Dakota now has the lowest unemployment rate in the United States, thanks to the North Dakota oil boom. The North Dakota oil boom has been responsible for more than 30,000 additional jobs in the region.
What does the North Dakota oil boom mean for oil and gas investors?
Oil and gas investors are uniquely positioned to take advantage of the potential of the North Dakota oil boom. The North Dakota oil boom represents more than just profit potential; it represents the ability of investors to play an instrumental role in transforming the American economy and the country’s reliance on foreign energy sources. Oil and gas investments in the North Dakota oil boom are an investment in American energy independence.
Where will the North Dakota oil boom take this country?
When the USGS first surveyed the Bakken shale region, they estimated that only 151 million barrels of oil were retrievable from the region. By the summer of 2012, the North Dakota oil boom was in full force, with the Bakken region producing 635127 BBLS per day. Thanks to better extraction technology, there does not appear to be an end in immediate site to the North Dakota oil boom.
For investors, the North Dakota oil boom represents the ability to be a part of history in the making. It is an American oil revolution. The same attractive tax benefits are available to accredited investors who leverage the opportunities of the North Dakota oil boom, but there’s a feverish pitch of excitement in the region for what it could mean long-term for the country in terms of energy independence.
The North Dakota oil boom has already made the United States a stronger international player in the global energy game, and with more oil and gas investment, more technological development, and continued exploration and drilling, the North Dakota oil boom is predicted to continue having a positive impact on the North Dakota economy as well as the national economy for many years to come.