According to an AP story published today, a new economic impact study shows the oil and gas industry in North Dakota increased in size from $4.1 billion in 2005 to $8.2 billion in 2007. The study, done by North Dakota State University, was sponsored by the North Dakota Petroleum Council and the North Dakota Oil and Gas Research Council.
The study concluded that a primary reason for the industry's strong growth was a 230-percent increase in oil exploration during the period studied. A North Dakota Petroleum Council spokesman stated that the 2008 numbers would dwarf those from 2007 due to record production of 53.6 million barrels. He went on to state that he expects prices to trend back toward 2007 levels of roughly $65 per barrel in 2009.
Other findings of the study released today included an increase of 47% in the total number of oil-related jobs in the state. A total of 7,719 oil industry workers earned $3.1 billion during 2007, the study reported. The study also estimated that approximately $1.65 worth of business activity was generated by every dollar spent by the oil industry.
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