Revenue forecasts expect jump in North Dakota oil prices
BISMARCK, N.D. – An updated revenue forecast shows North Dakota collecting about $1 billion more in oil taxes over the next two-year budget cycle than what was expected just two months ago.
The forecast from state budget analysts and Moody’s Analytics predicted a nearly 30% increase in oil prices than what the Legislature used as a starting point in January.
The Legislature’s budget consultant, IHS Markit, also offered its forecast Tuesday. IHS predicted slightly higher oil prices and production over the next two-year budget cycle than the state forecast, but was largely in line with it.
Lawmakers will set the final numbers Thursday.