More Records for North Dakota's Booming Oil Economy

By Mark J. Perry:
If there's any doubt that domestic drilling of oil and gas generate huge and significant positive economic benefits (more jobs, income, output, tax revenues, and stable/rising housing prices, etc.), the booming economy in North Dakota provides a convincing case study. The Peace Garden State's economy is doing so well on so many different measures, here are some highlights of its ongoing, record-setting economic success:

1. North Dakota set a new monthly oil production record of 11,540,000 barrels in June, which was above its year-ago level by 22% and above the June level two years ago by 79% (see chart above). Oil production this year has averaged more than 10.8 million barrels per month, which is double the monthly production levels in 2008, and triple the levels from five years ago.

2. Oil-related employment in North Dakota has more than doubled in just two years, from 6,900 jobs in June 2009Complete Story »