Optimism was the order of the day at the Williston Basin Petroleum Conference and Expo held Wednesday in Bismark.
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The downturn caused by depressed oil prices has had a huge effect on North Dakota. But despite rig counts in the twenties and crude prices still fluctuating, officials continue to believe that good things are ahead for the region. Even though the state has seen a revenue shortfall, Governor Jack Dalrymple says the state's economy remains strong thanks to the work and investment of the energy industry.
“From our perspective, we think that this industry in North Dakota is as solid as solid can be,” Governor Dalrymple said. “We couldn’t be more optimistic of what is ahead of us (...) and we see recovery on the horizon.”
Many believe that North Dakota's oil and gas activity will begin recovering when oil hits $60 a barrel. This price-point is looking more and more conceivable since prices have been flirting with $50 for the last few weeks.
State Mineral Resources Director Lynn Helms likened North Dakota's oil future to a stock car race that has just begun, saying, "We're on lap 100 of a 500-lap race."