By Judson Berger, FoxNews
North Dakota’s booming oil industry has yielded recordÂ taxÂ revenue for the state, breaking the $100 million mark in March at a time when other states are struggling to stay afloat.
The state in just the last few years has become an oil-producing powerhouse and is looking to overtake California in total production. Thanks to the activity, the North Dakota tax department reported thatÂ taxÂ collections on oil production hit $101 million in March, marking a 24 percent increase from the prior month and a 66 percent increase from last summer.
Much of the recent increase is due to rising crude prices, which have shot up amid concerns over unrest in theÂ Middle East. But North Dakota’s oil production is also accelerating rapidly, and state officials expect the windfall to hold steady.
“We’ve seen a steady, steady month-by-month increase,” state Deputy Tax Commissioner Ryan Rauschenberger, told FoxNews.com.
The 350,000 barrels a day produced in March was actually about 2,000 barrels a day lower than in February. But Rauschenberger attributed the dip to the weather, and said that even if crude prices return to prior levels the state expects to take in $2 billion in oil-related tax revenue over the next two years. If prices stay high, he said that haul could reach $2.4 billion — money that goes into the schools, back to the counties and to other areas.
Amid a debate onÂ Capitol Hill over whether the U.S. needs to do more to encourage domestic oil production,Â NorthÂ Dakota is charging ahead with expansion. The state industry was helped in no small part by efforts over the past several years to tap into a massive oil field known as the Bakken Shale deposit, where virtually all future expansion is happening.
Production is expected to grow “substantially,” Ron Ness, president of the North Dakota Petroleum Council,Â said. With 5,300 wells across the state and thousands more expected to come online, Ness projected that the state could reach up to 700,000 barrels a day by 2015.
North Dakota is the fourth-largest oil producing state in the U.S. behind California, Alaska and Texas, and Ness saidÂ California is in their “target zone.”
He noted that the revenue has made things easier for state budgeters.
Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!
We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.