The "Economic Miracle State" of North Dakota pumped another record amount of oil during the month of October, producing more than 15 million total barrels in a single month for the first time ever, at a daily rate of 488,068 barrels (see chart above, data here). Compared to October of last year, oil production in North Dakota is up 42%, and production has more than doubled over the last two years, from 240,000 barrels per day in October of 2010. North Dakota's rich Bakken oil fields produced almost 9% of America's domestic crude oil production for the month of October, up from less than 2% of the nation's oil in 2006 (data here).
Other highlights of the October report:
1. The number of wells producing oil in the state has increased by 17% over the last year to a new record of almost 6,000 in October, from just slightly more than 5,000 a year ago.
2. The amount oil produced per well also reached a record high of 2,546 barrels in October, which is 50% higher than the 1,695 barrels per well two years ago.
3. The combination of a record number of wells producing oil at record-setting productivity levels has put North Dakota on a trajectory to surpass both California (539,000 barrels per day) and Alaska (555,000 bpd) by January 2012 (see chart above). At the current pace of record-setting monthly gains, North Dakota's oil production is currently on track to break the 600,000 barrels per day level by next March.
4. At 488,000 barrels per month. North Dakota has now officially exceeded the daily production of OPEC-member Ecuador's 485,000 daily oil production.
Because of the ongoing oil boom in the Bakken area, North Dakota continues to lead the nation with the lowest unemployment rate at 3.5% for October, more than 5 full percentage points below the nation's average 9.0% rate for October. As reported earlier this week on CD, there are ten North Dakota counties with jobless rates below 2%, and Williams County, which is at the center of the Bakken oil boom, boasts the lowest county jobless rate in the country at 0.9%. The ongoing record-setting oil production in the Peace Garden State continues to make it the most economically successful state in the country, with record levels of employment and income growth, increasing tax revenues, and jaw-dropping jobless rates in many counties of the Bakken region below 2%.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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