The Great Recession hit small towns hard. Many saw factories close and jobs dry up. But according to a new analysis, small-town America is actually experiencing an economic revival thanks to an oil and gas boom. According to government data analyzed by USA Today, inflation-adjusted income has increased 3.8% per person between 2007 and 2011 for the roughly 50 million Americans who live in small cities, towns, and rural areas. Compare that to almost the same percentage drop (3.5%) in metropolitan areas, and a shift in wealth begins to emerge, one flowing from cities to rural regions.
Stories dot the media describing shale development as booms that have transformed the economies of North Dakota and Pennsylvania. That broad portrait gets badly wrong the impacts of shale development on the economies of the two states. Simply put, Pennsylvania is not North Dakota. North Dakota has a population of 699,628, while Pennsylvania's is 12,763,536 or about 18 times larger. quickfacts.census.gov/qfd/states/38000.html and quickfacts.census.gov/qfd/states/42000.html.
The oil boom in North Dakota and Montana has brought a flood of people to once sparsely-populated rural towns. The rapid pace of expansion in the town of Williston, North Dakota is putting pressure on all kinds of local services -- from fire and emergency response to road construction and utilities. The increased number of students in the public school system in Williston is crowding its now outdated facilities.
Through oil boom and bust, and now boom again, John Monger says life’s...
A 90-car train carrying crude oil derailed and exploded in a rural area of western Alabama early on Friday, leaving 11 cars burning and potentially bolstering the push for tougher regulation of a boom in moving oil by rail.
Could it be true that the commodities boom that arose because of China’s massive economic growth and urbanization is the last ever in human history?
This extreme forecast is the view of some pundits, including prominent Australian economist Saul Eslake.
If true, it would certainly spell the end of any hope of a rebound among some of Canada’s top mining stocks.
The second explosive oil-train derailment this year, which has finally burned out in rural Alabama, may raise new questions about the safety of the crude-by-rail boom, pointing to problems beyond those that surfaced following the earlier tragedy in Quebec.
Submitted by Daniel Graeber via OilPrice.com, All parties with a collective interest in seeing the North Dakota oil experiment succeed need to work together because, right now, the boss at the largest stakeholder in the Bakken shale says opponents are drawing a bead on the region. And it's not just exploration and production that's a concern.