Ask any American what North Dakota is known for and they’ll probably have to rack their brain before coming up with a substantial answer. What’s actually in North Dakota? they’ll think to themselves.
Well, if North Dakota didn’t have a claim to fame before, it most definitely does now. The Bakken shale oil boom that started in 2006, and that continues to grow today, represents one of the biggest booms in history for the American oil industry.
Through directional drilling and hydraulic fracturing technology, shale wells in North Dakota have gone from pumping a measly 100 thousand barrels per day in 2005 to over 1.2 million barrels per day in 2014. That’s over 1000% growth in less than 10 years!
The boom hasn’t come without its challenges, but, for the most part, it’s been best thing to happen to the North Dakotan economy in decades. The state is experiencing an unemployment rate of just 2.8%, a GDP that’s 29% higher than the national average, and a 1 billion dollar budget surplus.
And that’s not all the boom is doing to change the landscape of North Dakota. Check out the graphic below to get the full scoop.