North Dakota's rig count will likely bounce up and down as oil prices oscilate around $80-90/bbl. Oil prices have recovered from below $80/bbl, but operated rig counts are showing a decline in activity in North Dakota.

"The largest drillers in the Bakken are all reducing their rig counts this month, although no one acknowledge a change in drilling plans," Sen said, citing a sharp drop in oil prices during June. That oil price drop cast doubts about the viability of shale production at prices below $80/bbl.

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