Drill, Drill, Drill = Jobs, Jobs, Jobs in North Dakota; Both Oil Production and Jobs Reach Record Highs
More than 11 million barrels of oil were produced in North Dakota during the month of March, setting a new monthly production record, and topping the previous monthly record high from last November by almost half-a-million barrels. Oil production in North Dakota has doubled in just the last two years, and tripled since 2007 (see chart above, data here).
A recent computer model using geological data from the state of North Dakota estimates that there is 200-300 billion barrels of oil in North Dakota's Bakken Formation, which is equivalent to the oil reserves of Saudi Arabia. Not all of the Bakken oil is recoverable, and estimates of recovery range from 3-50%.
According to the state of North Dakota,