The New York Times Magazine has published a lengthy but compelling article that puts the current oil-production boom in western North Dakota in historic and national perspective.
The Jan. 31 story by Chip Brown, headlined “North Dakota Went Boom,” blends colorful anecdotes of the author’s visit to the area with enough facts to keep his approximately 5,000-word report interesting, relevant and, for those of us who do business in the area, encouraging.
Communities in western North Dakota experienced smaller oil booms in the 1960s and in the late 1970s. Now, communities on the Bakken Formation are enjoying an economic boom of unprecedented vigor.
Advances in technology have made oil production profitable again, and the boom appears to have long-term potential.
In July 2012, North Dakota’s oil output reached nearly 21 million barrels a month, making the state the second-largest oil producer in the United States, trailing only Texas.
“Viewed in the global market, the state’s oil output isn’t huge – Saudi Arabia produces about 10 million barrels a day – but North Dakota’s oil boom now accounts for 11 percent of U.S. oil production, and it is the main reason the state government current has a $3.8 billion surplus,” Brown writes.
You can check out the magazine story here.