BISMARCK, ND – "According to a new study from the Western Energy Alliance, North Dakota oil production could soon outpace imports from oil-rich nations like Russia, Iraq and Kuwait.
“The Bakken formation spanning North Dakota and Montana will lead oil production in the region, with an expected 685,000 barrels of oil and condensate a day by 2020 (see chart above),” the group states in a press release referring to a study done by EIS Solutions. “Combined with other western production, North Dakota will help lead the way in generating 1.3 million barrels of domestic oil production a day by the year 2020, which is more than the current amount of oil imported from Russia, Iraq and Kuwait combined.”
The study also indicates that investment in North Dakota due to oil production could increase to $58 billion annually by 2020 creating 16,000 more jobs in the state.
“These projections of increased investment in North Dakota energy is good news for our state’s economy and for American energy security,” said Ron Ness, President of the North Dakota Petroleum Council. “North Dakota’s oil producers are already responsible for a significant percentage of our domestic energy production, and continued growth of our industry means more jobs for North Dakotans, increased revenue for local and state governments, and less reliance on foreign energy sources.”
Standing in the way of this production and growth is federal policy which they describe as “significantly undermining these projections of growth, investment and expansion" the group argues."