Oil Production in the Bakken Reaches New Record

American Thinker ^ | 07/15/2014 | Sierra Rayne

[SeekAndFind]

With the release of the latest oil production data for the Bakken in North Dakota, this tight oil play reached a new record of 975,000 barrels per day in May.  This represents an increase of almost 37,000 barrels per day from the previous month, and is the largest April-May increase on record.  Daily oil per well remains stable at 127 barrels, down only slightly from the May 2013 value of 130.

Overall production for North Dakota was also up in May to a new record of 1.04 million barrels per day, with daily oil per well steady at 99 barrels.

North Dakota has the lowest unemployment rate in the nation at 2.6 percent.  In the western part of the state, unemployment rates in some counties are at – or even below – one percent.  Unlike the neighboring states of Montana, South Dakota, and Minnesota, which all saw their unemployment rates remain high through 2009 and 2010 at peak levels, North Dakota's unemployment rate has declined in near-perfect correlation with rising oil production in the Bakken.

Between 2009 and 2012, real per capita GDP in North Dakota increased an astonishing 42.4 percent.  The nearest competitor was Oregon with a 13.6-percent increase over this period.  The corresponding national increase was only 5.2 percent.  North Dakota's per capita disposable personal income has increased by over 38 percent since 2009, leading the nation.  Oklahoma ranked second at 17 percent.  The national increase was just 10 percent.

[Balding_Eagle]

For those who want to see a video showing how horizontal drilling and fracking is done, Northern Gas and Oil has a great one. It’s 6 minutes.

It includes a visual piece on how fresh water aquifers are protected from contamination.

http://www.northernoil.com/drilling-video

[Bringbackthedraft]

I wonder if the Dakota tribes are benefiting from all this oil?

[jdsteel]

God bless “fracking”. It’s our best hope of sidestepping financial disaster in this country.

[Mark17]

I wonder if the Dakota tribes are benefiting from all this oil?

Not sure, but being as I was born and raised in North Dakota, I think this is great. Now, if I am happy about the oil production, I am sure the Obungler is not.

[The_Republic_Of_Maine]

Crude Oil 99.63 -1.28 Crude is down over 7 a barrel sin the last 3 weeks, how come the price of gas and heating oil, diesel etc are going up?

Source; www.kitco.com

[The_Republic_Of_Maine]

"God bless “fracking”. It’s our best hope of sidestepping financial disaster in this country."

And that's why the democrat and it's ilk hate it so much.

[Don W]

Here's what the "experts" were saying in AD 2000.

Expert opinion

considering that the oilsands were already producing better than 1.7 barrels per barrel expended WHEN THIS WAS WRITTEN, consider the source.

[hattend]

Not enough refining capacity

[thackney]

how come the price of gas and heating oil, diesel etc are going up?

Pump prices are on the move–and you’ll like the direction
http://fuelfix.com/blog/2014/07/16/pump-prices-are-on-the-move-and-youll-like-the-direction/
July 16, 2014

Gasoline prices could fall an average of 10 to 20 cents per gallon in the coming weeks in response to declining crude oil prices, analysts with GasBuddy said Tuesday.

Nationwide, average retail gasoline prices have fallen below $3.60 per gallon of regular for the first time since April 10 and have declined for 18 days in a row, said the company, which tracks and forecasts gasoline prices.

[thackney]

Not enough refining capacity

The US refines more crude oil than we use ourselves. We import a bit more than we need and export the higher value surplus products.

That keeps more jobs and refining capacity in the US and helps the trade balance.

The multitude of different gasoline recipes limits the ability for product to be moved around to meet localized shortages due to an upset in production/transportation, etc.