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Discussion: (9 comments)

  1. Walt Greenway

    That is all great news, but I am not sure North Dakota should be rated as a state to try use as an economic model for other states due to its small population of people. There are almost three cows for every person there.

    North Dakota’s population of 675,000 as a Metropolitan Statistical Area (MSA) would rate them 79th on the list just ahead of the Toledo, Ohio MSA (650,266 population).

    1. MacDaddyWatch

      Gotta love it…DRILL BABY DRILL !!

    2. When it comes to oil output, the state of North Dakota is comparable in oil production to many entire countries, e.g. North Dakota produces now as much oil as Argentina, and produces more oil than Egypt, Malaysia, U.K., Australia, Ecuador, Thailand, etc.

      And we can also use Texas as another much larger state that is also experiencing an energy-related economic boom.

      1. Walt Greenway

        Oakland County just next door to me in Michigan might be a better “state” economic model to follow than North Dakota. They have almost twice the population of North Dakota (1,210,145 population Oakland County v. 683,932 population North Dakota), and a 33% higher per capita income in 2011 ($36,314 Oakland County v. $27,305 North Dakota). Now if we could just get Oakland County’s unemployment rate to match North Dakota’s. (FYI Texas = 25,674,681 population and $25,548 per capita income in 2011). (Source: U.S. Census Quick Facts)

  2. MacDaddyWatch

    WHAT A COLLECTION OF DUMB COMMENTS BY WALT.

    Walt would rather see unreliable, uneconomic, failed and inefficient windmills and solar panels supported by taxpayer subsidies than private industry spending its money and tapping into an abundant, clean and cheap natural resource to power American industry and generate an industrial and manufacturing renaissance right here in the USA.

    I wonder if Walt ever took a look at any “sustainable/renewable energy” mutual fund? Why are these funds down 75-90%, Walt?

    Looks like Walt would rather see America send US dollars to our good friends and pals in the Middle East.

    1. Walt Greenway

      MacDaddyWatch, I simply stated North Dakota is not an economic model that a state with a regular-sized population can follow for success. North Dakota has the population the size of Toledo Ohio, El Paso Texas, or Memphis Tennessee. You have to use state-sized thinking to solve state-sized problems and North Dakota is basically Toledo, Ohio with bigger yards and a lot more cows.

      How do you get what you wrote about me from what I wrote? I support fossil fuel and nuclear power, but that was not what I was commenting on at all.

  3. The rapid growth in North Dakota is definaely amazing and hopefully will continue. The Eagle Ford in South Texas has basically gone from an idea to the largest play in the world in just a few short years. All this has happened with a limited market… Just imagine the explosion of growth if the feds allow oil and natural gas access to the world market.
    http://eaglefordshale.com/blog/eagle-ford-capital-spending-largest-in-world/?utm_source=rss&utm_medium=rss&utm_campaign=eagle-ford-capital-spending-largest-in-world

  4. Speaking of dometic energy…

    Popular Mechanics article linked from Instapundit: Natural Gas–Burning Megaships Soon to Leave Port

    U.S.-based TOTE, Inc., one of America’s shipping giants, is betting on liquefied natural gas (LNG) as the fuel of the future for the marine shipping industry. The company just announced plans to build the first container ships to use LNG as a “primary” fuel source, partnering with San Diego–based ship builder General Dynamics NASSCO to complete two of these containerships in 2015 and 2016.
    ———————————

    One could look at this story as either people betting big money on what appears to be a very abundant supply of domestic natural gas…

    Or

    The EPA’s interference in the transportation business is causing prices to rise…

    Personally I’m hoping for the first one…

  5. Bottom Line: October was another record-setting month for oil production in North Dakota, and the energy-related boom there continues to make it and Texas the two most economically successful states in America, with record levels of employment and income growth in the Peace Garden State, the lowest state jobless rate in the country, a state budget surplus of $1.6 billion, the lowest home foreclosure rate in the country, strong housing and construction markets, thousands of landowners who have become millionaires from oil royalties, 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, which supplied 91% of the state’s oil in October. 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.

    What you need is a reality check. When you have production levels of less than 100 bpd it means that paying for all of that drilling activity and production will not be easy given the fact that you have a 50% decline rate over the first year. You would think that an economics professor would be better at math and that he might take a bit of time to look into the economics of oil production, something that you have avoided discussing for several years.

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