North Dakota’s impressive and growing production of crude oil continues to garner national news attention.
An online story by Javier E. David of CNBC points out that the Bakken region of western North Dakota has emerged as a major U.S. producer and eventually could overtake Texas.
”Bakken is now one of the largest sources of crude production in the U.S., and is teeming with international investment capital. Although the state currently lacks the refining capacity and advanced infrastructure of Texas and Louisiana, some say isolated North Dakota stands a solid chance of taking the Lone Star State’s crown for drilling and production,” according to the CNBC report.
The report also contains interesting insight from an energy analyst: “With U.S. crude oil hovering above $90, drilling in Bakken ‘is like printing money. Capital is coming from all around the world, even Europe and Asia,’ said Fadel Gheit, an energy analyst at Oppenheimer. ‘It has single-handedly changed the outlook for oil production.’”
You can read the entire CNBC story at: http://finance.yahoo.com/news/bakken-oil-field-may-much-211718543.html.