North Dakota is Making a Killing on Oil, Bakken Shale (Historical Oil Production Charts)

(This post is related to my previous guest post/interview on the Bakken Shale formation in North Dakota.)

First, check out this chart of North Dakota's monthly oil production since 1951 via


Now look at the chart of North Dakota's daily oil production versus the price of North Dakota sweet crude oil since 1970 via


And here's a breakout of the monthly oil production at North Dakota's Bakken Shale deposit versus the rest of North Dakota via the EIA in an August 2012 post.


As a result of all of this oil production, employment spiked in North Dakota especially around the Bakken shale. Read: Employment and wage changes in oil-producing counties in the Bakken Formation, 2007–2011 (Bureau of Labor Statistics - Beyond the Numbers, April 2013).

"Changes between 2007 and 2011

From 2007 to 2011, employment in these counties grew from 77,937 jobs to 105,891 jobs, an increase of 35.9 percent. Total wages paid in these counties more than doubled over the same period: in 2007, workers in these counties earned about $2.6 billion, and in 2011 they earned $5.4 billion. Their average annual pay increased from $33,040 to $50,553 for an increase of 53.1 percent. Over the same period, national employment decreased by 4.4 percent, while average annual pay increased by 8.1 percent from $44,458 in 2007 to $48,043 in 2011."

Finally, here's more info on the Bakken Shale play via CNBC at Yahoo Finance.

"The excitement surrounding Bakken's production is due in large measure to the fact that its crude is now making its way beyond the borders of the Midwest, to the US coasts. In a comprehensive report written this month, Platts said some of the region's blends are now being used in the NYMEX crude futures contract.

"The outlook for Bakken crude production over the next few years is promising, and many of the government reserve estimates could be understating the potential" of Bakken and some of its surrounding formations, Platts said.

Oppenheimer's Gheit calls Bakken's crude "one of the purest oil plays "because it is comprised of 90 percent oil and 10 percent natural gas. Better technology and capital investment will only ramp that up, he added.

However, "the only challenge for the Bakken is that it's in a state that has no infrastructure," Gheit said. "Everything has to be built from scratch."

Further reading: "Will Saudi Arabia Allow the U.S. Oil Boom? Interview with Chris Faulkner - Guest Post"
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