The “Economic Miracle State” of North Dakota pumped another record amount of crude oil during the month of July at a rate of more than 674,000 barrels per day, according to data released today by the state’s Department of Mineral Resources. Oil production during the month of July exceeded 20 million barrels for the first time in state history, establishing a new record for monthly oil output.
... July’s record-setting oil production in North Dakota continues to make it the most economically successful state in America, with record levels of employment and income growth, the lowest state jobless rate in the country, a state budget surplus of $1 billion, the lowest home foreclosure rate in the country, strong housing and construction markets, and jobless rates in ten of the state’s counties below 2.0%. North Dakota’s economic success, job creation, and energy-based prosperity is being driven by the development of the state’s vast energy resources, especially the ocean of shale oil in the state’s Bakken region. It’s an economic model that could easily spread energy prosperity elsewhere if more domestic energy resources were opened up to greater exploration and drilling for oil and natural gas.
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