Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan's Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.
1. Chart of the Day: The chart above compares annual per-capita personal income in North and South Dakota from 1929 to 2013 and helps to quantify the effect of the shale oil boom on North Dakota’s economy. After closely matching for 80 years, per-capita income in North Dakota started exceeding neighboring South Dakota’s in 2010, and last year was $11,526 higher ($57,084 vs. $45,558). The way President Obama would explain it is to say that the average person in South Dakota earned only 80 cents last year for every $1 earned by a neighbor in North Dakota, and call it “embarrassing.”
If foot-dragging were a competitive sport, President Obama and his administration would be world champions for their performance in delaying the approval of the Keystone XL pipeline. The president should end this national psychodrama now, bow to reason, approve the pipeline and go do something more productive for the climate.
Target Logistics, a Boston-based builder and operator of dormitory-style housing, recently landed a nearly $30 million contract to provide lodging for hundreds of oil-field workers in North Dakota over the next three years. The deal is the latest example of rising demand for professionally managed “man camps,” sprawling barracks that house mostly male workers at American and Canadian oil sites.
10. Chart of the Day II: Daily US crude oil production surged last week to 8.36 million barrels, the highest output since January 1988, more than 26 years ago.