The recent boom of the Bakken oil fields — made possible by a perfect storm of sensible state regulations, the fracking process, and the fact that most drilling is taking place on private lands—has produced a whirlwind of economic growth in a formerly sleepy corner of northwest North Dakota.
Infographic: The economic impact of North Dakota’s Bakken oil boom:
For decades, pundits have been trying to predict a tipping point for Peak Oil – when a sustained and unabated climb in oil prices sparks a near-collapse of the global economy.
Oil and gas production in the United States and North America is going to skyrocket in the next 8 years due to strides in natural resource extraction, write Citi analysts in a report published yesterday.
In the video, he discusses the shale gas revolution in the U.S., which he predicts will bring manufacturing production and jobs back to the U.S.
Last December, Gov.
Scouts armed with geological maps and elevations from Google Earth are knocking on doors in the upper Midwest in search of what seems too common to mine: sand.
After producing a relatively inconsequential share of the nation’s crude oil for many years (fewer than 100,000 barrels per day and only 1.5% of total domestic output), North Dakota’s oil production took off about five years ago when advanced drilling techniques including hydraulic fracturing started tapping into the vast resources of shale oil in the state’s Bakken region.