Thursday, August 2, 2012

Bakken Oil Boom Continuing

Until there is a viable alternative to oil, the increase in production all over the United States, not just from the Bakken, can only be seen as good for America. The following are some of the numbers and facts, from the Federal Reserve Bank of Minneapolis. Click on the following link to see more data and graphs.
Peter

The Bakken Oil Boom

source: http://www.minneapolisfed.org/publications_papers/fedgazette/oil/index.cfm?goback=%2Egde_156898_member_141086409

The Bakken oil boom dwarfs previous oil production expansions in Montana and North Dakota. Explore a range of economic, demographic and financial data for the Bakken, and learn about factors driving jobs and other forms of development in the oil patch of North Dakota and Montana.

Location of oil patch in the Ninth District

Oil Drilling Rigs

	June 2012	Pct. change from a year earlier
North Dakota	200	24%
Montana	21	108%

Summary

Oil drilling in Montana and North Dakota picked up beginning in 2004 until prices dropped below $60 per barrel in 2008, considered the break-even price for shale drilling and oil production at the time. Drilling accelerated again once oil prices recovered.

Oil production

Data Dashboard

Production (millions of barrels)

	May 2012	Pct. change from a year earlier
Bakken Oil Counties	18.9	79%
Rest of Montana	0.6	-24%
Rest of North Dakota	2.0	1%

Summary

The Bakken area represents most of oil production in Montana and North Dakota.

The Bakken area

Detailed map of the oil patch in the Ninth District

Data on Demographic, Economic and Financial Activity in the Bakken [pdf]
This document reviews a range of demographic, economic and financial data for the Bakken. We compare the Bakken with the rest of Montana and the rest of North Dakota, as of June 20, 2012.

More about oil in the Ninth District

Frac sand mining spurs rural rail
fedgazette Roundup, July 19, 2012
Sand surge
fedgazette, July 16, 2012
In Minnesota and Wisconsin, frac sand mining has lifted local economies—and stirred opposition
Desperately seeking workers in the oil patch
fedgazette, April 18, 2012
Jobs go begging in booming western North Dakota and northeastern Montana
No room at the inn
fedgazette, April 18, 2012
For newcomers to oil country, their first job is finding a place to live
Faces and places from the oil patch
fedgazette, April 18, 2012
Slideshow
After the oil rush
fedgazette, September 1, 2009
In the Williston Basin, less drilling activity has created uncertainty about the future