Oil boom impacting the world
North Dakota has quickly ascended through the ranks of oil-producing states, passing every state along the way except Texas. Now the ongoing Bakken formation boom is helping the United States become the world’s largest producer of oil and natural gas.
The Wall Street Journal reported recently that the U.S. is overtaking Russia as the world’s top producer of oil and natural gas. The Bakken has played a key role in that growth, along with the Eagle Ford shale formation in Texas, which is the other hottest play in the U.S. While production in those two formations has risen dramatically in recent years, production in Russia has increased only modestly.
North Dakota produced 874,460 barrels of oil daily in July, along with 970,305 MCF of natural gas. In July there were a record 9,322 producing wells in North Dakota, and 184 active rigs.
It’s a proud day indeed in North Dakota, when the state’s contribution to the country’s energy needs are measured on statewide and nationwide levels, but now are also having a great impact on the global energy industry.