Bakken Shale Blog

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North Dakota the Fastest Growing State for Millionaires

Bakken Shale resulting in riches for North Dakotans

It may not come as a huge surprise to readers on this site, but the lucrative Bakken oilfield has made several North Dakotans very wealthy. According a study released by Phoenix Marketing International, North Dakota jumped from its ranking in the number forty-three (43) spot of millionaire households per capita in 2012 to twenty-nine (29) in 2013. That’s faster than any other state in the U.S., and accounts for 13,494 millionaires.

This significant injection of wealth has changed the landscape of the state in some ways, with specialty boutiques and high end retailers popping up in areas that likely wouldn’t have made the cut in a market study several years ago. See more on how things are changing for folks living in North Dakota:

However, with the increase in some North Dakotans bank accounts, not everyone is changing.

Kevin Hullet, president of the chamber of commerce in Bismarck, was quoted in the Wall Street Journal: “the only way you know a Bakken millionaire is he’ll be driving a new truck and might have taken his wife on vacation.”

Percentage of Millionaires in the Top Five Oil Producing States

Percentage of Millionaires in the Top Five Oil Producing States |
Source: Phoenix Marketing International

Other oil producing states also fared well in the study. Texas has the second highest number of total millionaires at 456,949. That translates to 4.89 % of the state’s overall population and a increase of .16% from 2012. Louisiana also jumped significantly its 2012 ranking to number thirty-two (32). See below for detailed listing of millionaires per state, with a focus on the top five oil producing states in the country:

Stallion’s $2.6 Million Temporary Housing Fine Reduced

Stallion-Oilfield-Services-LtdThe Williams County Commission moved on Tuesday to approve a settlement agreement with Stallion Oilfield Services Ltd., over a proposed $2.6 million fine for temporary housing permit violations. [Read more…]

Forbes Ranks North Dakota 2nd for Business and Credits the Bakken – Video

Labor Supply Is Likely the Only Thing Keeping ND Out of the Top Spot

Forbes has ranked the state of North Dakota second for business. The study credits the Bakken Shale for North Dakota’s promising economic metrics.

When looking at the economy alone, North Dakota tops the list. The state can boast about the following annual averages over the past five years: 3.7% job growth, 3.8% income growth, 7.9% gross state product growth, and 3.6% unemployment (just 2.7% today). [Read more…]

Harold Hamm On The Oil Boom & Energy Independence

Hamm Is Ready To Celebrate Energy Independence

Harold Hamm, CEO of Continental Resources, submitted an article touching on the importance of energy independence and horizontal drilling. [Read more…]

BP Statistical Review of World Energy Trends – Highlights

The Bakken Supported The Largest Increase in U.S. Oil Production Growth Ever Recorded

BP has published its annual statistical review of world energy trends for over 60 years. This year’s report is as interesting as ever. A short video presentation and our takeaways are included below. [Read more…]

North Dakota Rig Count Sets Record at 204 – November 2011

The North Dakota rig count reached an all time record on November 19, 2011, when the ND Oil & Gas Division announced there were 204 active rigs working in the state.

The overwhelming majority of rigs are targeting the Bakken and Three Forks formations. With oil prices holding strong and gas prices dropping through the fall, I expect we’ll potentially shoot through this record when a few gas directed rigs head our way.