Economy

Bakken Oil Boom sets North Dakota records

Posted: Sep 14, 2012 7:15 AM by MTN News
Updated: Sep 14, 2012 7:34 AM

WILLISTON, N.D. - Oil production in the Bakken oil play in the Williston Basin continues to set records.

July marked the fifth month in a row that the state of North Dakota produced more oil than Alaska.

It was back in March that North Dakota surpassed Alaska's in oil production for the first time to become America's second biggest oil state.

In July, North Dakota pumped a record amount of crude, at a rate of more than 674,000 barrels a day.

That means North Dakota is now exceeding 20 million barrels for the entire month, a first for the state.

Compared to a year ago, July's production level was up 59%.

The number of active oil wells in North Dakota numbered 7,303 in July, also a new state record.

According to the North Dakota Department of Mineral Resources, each of those new wells is the equivalent of adding a $8-10 million business to the state's economy,

As the Bakken oil boom gushes, North Dakota also continues to lead the nation with the lowest unemployment rate at just 3 percent - more than five percentage points below the national average.

Topics: Billings, KTVQ, Bakken, North Dakota, Williston Basin