Higher Crude Oil Prices Are Great News For North Dakota’s Bottom Line

oil and gas revenue is $323 million more than initial estimates

BISMARCK, N.D. — Oil and gas tax collections in North Dakota are running 25 percent above forecast due to rebounding crude prices.

A report by the Legislature’s research arm shows oil and gas revenue is $1.6 billion for the current two-year budget cycle that began in July.

That’s $323 million more than initial estimates.

Oil prices are a key contributor to the state’s wealth.

The state had predicted oil production at less than 1 million barrels daily, at $47 a barrel.

North Dakota sweet crude is fetching about $20 more than and oil production has topped 1.1 million barrels daily.