Gov. Armstrong highlights economic impact of oil and gas production in the state

BISMARCK, N.D. (KVRR) — Gov. Armstrong met with oil industry leaders and officials with North Dakota State University to discuss the future of oil production in North Dakota.

According to the governor’s office, the oil and gas industry directly employed around 30,000 people in 2023.

Direct sales in the oil and natural gas industry and related businesses generated $48.8 billion – an increase of $6.2 billion over 2021. An industry record.

According to a recent study, tax revenues paid by the industry from 2008 to 2024 now exceed $32 billion.

“This happens to be the largest assessment that we’ve made for this industry going back to 2005. So it’s an enormously large number, and as Governor Armstrong mentioned, when we start comparing some of these numbers back to state totals, it’s pretty remarkable what share of state economy is attached to oil and gas,” said NDSU research scientist Dean Bangsund.

Since 2008, oil and gas tax revenues supported $5.9 billion for local communities and infrastructure and over $2.3 billion for K-12 education.

It also added $8.5 billion to the state’s Legacy Fund.