The North Dakota Oil Boom
North Dakota has been a frontier for years. With its great sweeping landscapes and farmland stretching as far as you can see. If North Dakota was ever forgotten, is on everybody’s radar now. The current oil boom is something that will have people
talking for years to come. ND has had booms in the past, but maybe they sputtered out quickly or left something to be desired. None in the past will measure up to this boom. This boom in five times larger than the one that occurred in the 1980’s. Rivaling the century old land rush brought on by the transcontinental railroads. Chip Brown at the NY Times says “It will change the Dakota frontier from the Bitter Past That Was to the Better Future That May Yet Be.”
North Dakota has been transformed into a state of prosperity. ND has the lowest unemployment rate, the highest rate of population growth of any state, and it doesn’t seem to be stopping. In Williston alone, the population has tripled in the past 10 years, unemployment rates have dropped, even a reality TV show was made called “Boomtown Girls” following the lives of 5 sisters in Williston.
Underneath the northwest section of ND, there is an enormous rock configuration known as the Bakken shale. The Bakken is estimated to hold 18 billion barrels of crude oil. It was discovered back in 1951, but the technology to drill for it didn’t exist, plus it would have been financially impossible at the time. Around 2008, new technology advancements allowed oil drilling to become widespread around the world. Extracting oil from the Bakken was now possible. Currently, there are over 200 active oil rigs in North Dakota producing around 20 million barrels of oil a month. In the next two years it is expected that thousands more oil rigs will be built in North Dakota as the process moves from discovery to production.
Williston, ND is at the center of it all. The town of Williston sits in the middle of the Williston Basin which geologists believe now harbors one of the largest oil fields in the world.
Chip Brown from the NY Times writes “This is the boom that won’t leave the land trashed, won’t destroy communities, won’t afflict the state with the so-called Dutch Disease in which natural-resource development and the sugar rush of fast cash paradoxically make other parts of the economy less competitive and more difficult to sustain. This is the boom being managed by local people certain they know how to look after their interests and safeguard the land they live on. This is the Big One that North Dakota has been waiting for for more than a century.” (Brown, “North Dakota Went Boom”)
It goes without saying that North Dakota real estate has become extremely valuable. Especially property and homes in Williston. Take advantage of this amazing opportunity and Start your Williston ND real estate search now!