It's no secret that North Dakota has been in the middle of an oil boom since about 2008, but a new chart from the North Dakota Industrial Commission, Department of Mineral Resources, shows just how steep the increase has been...
...As of 2006, the state was only producing about 100,000 barrels of crude oil per day, putting it on par with other mid-tier oil producing states like Kansas, Colorado and Montana. But new hydraulic fracturing techniques and the opening of the massive Bakken formation to drilling changed all that, and as of January 2013 the state was producing an average of 770,000 barrels of crude per day, for a total of 23,834,000 barrels per month. That's double the amount the state was producing just two years ago.
It is a lot of oil, to be sure, but even with this recent explosion in production North Dakota is in just third place nationally. Texas produces a staggering 2,220,000 barrels per day, and the rigs that operate in the U.S. Federal Offshore region account for another 1,389,000 barrels per day. North Dakota currently accounts for about 10% of all U.S. crude production.
And virtually all of this production is occurring in spite of the federal government. In fact, in 2012 alone, "oil production on federal land decreased by 11 percent."
It would appear that the EPA is -- now that the election is over -- bound and determined to stop fracking at all costs.
Hat tip: BadBlue Financial News Network.
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