Emergency Meeting Called After U.S. Crude Oil Futures Reach Historic Lows

The troubled oil market will have a major impact on North Dakota's economy

BISMARCK, N.D. — Oil prices plunge below zero, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic. The troubled oil market will have a major impact on North Dakota’s economy and Gov. Doug Burgum plans an emergency meeting of the Industrial Commission to take action. “We’ll be considering at that commission meeting an…

Sen. Hoeven introduces legislation to fund $3 billion oil purchase for emergency reserve

The Bill was introduced by Republican Senator John Hoeven, Republican U.S. Representative Michael Burgess, and Democrat U.S. Representatives Lizzie Fletcher

FARGO, N.D. — North Dakota Sen. John Hoeven introduced legislation that aims to fund a government purchase of oil to help boost the industry that has been hit hard by reduced demand. The bipartisan bill asks for $3 billion in funding to purchase crude oil produced in the U.S. for the Strategic Petroleum Reserve.  This move comes after Congress declined…

Dow Jones Has Worst Day Since 2008 Thanks To Coronavirus & Falling Oil Prices

Paul Meyers of Legacy Wealth Management joined KVRR To Talk About The Markets

FARGO, N.D. — A free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak cause a massive sell-off on Wall Street. The Dow Jones Industrial Average sank nearly 8%, its steepest drop since the financial crisis of 2008. The Dow lost 2013 points. The sharp drops triggered the first automatic halts in trading in two decades….

North Dakota Regulators Poised to Approve Pipeline Expansion

Opponents say the expansion would increase the possibility of an oil spill.

BISMARCK, N.D.–North Dakota regulators are expected to take action Wednesday on a proposal to expand the capacity of the Dakota Access pipeline. The Public Service Commission signaled last month that it would approve a permit for a pumping station that’s needed for Energy Transfer to double the capacity of the pipeline to meet growing demand for oil shipments from North…

North Dakota Oil Output Pushes Revenue Ahead of Forecast

Oil production is running about 5% ahead of projections.

BISMARCK, N.D.–Record oil production is pushing state revenue ahead of expectations for the first several months of the state’s two-year budget cycle. North Dakota budget director Joe Morrissette says revenue is up 7.6%, or about $121.6 million, over projections. Oil production in North Dakota is at about 1.5 million barrels daily. The state has so far collected more than $1.25…

Industrial Commission Approves Enhanced Oil Recovery Project

The project will take place over two years.

BISMARCK, N.D.–North Dakota regulators have endorsed a project that will test a process that injects natural gas underground to try to force more oil out of the state’s shale deposits. The state Industrial Commission, a three-member panel led Gov. Doug Burgum, approved the “enhanced oil recovery” process Monday for Hess Corp. The company is proposing the project to target newer…

Congress Wants Review of Keystone Pipeline in Wake of Spill

The request comes after a pipeline breach leaked an estimated 383,000 gallons of oil.

BISMARCK, N.D.–Some U.S. House Democrats want a review of the Keystone pipeline and the federal agency that regulates it. The request Monday to the Government Accountability Office comes after a pipeline breach in North Dakota leaked an estimated 383,000 gallons of oil. House Energy and Commerce Chairman Rep. Frank Pallone; Transportation and Infrastructure Chairman Peter DeFazio; Railroads, Pipelines and Hazardous…

Legendary Texas Oil Tycoon Passes Away At 91

T. Boone Pickens Stopped In Fargo In 2008 To Push For Less Dependence On OPEC

DALLAS — A legendary Texas oil tycoon with ties to North Dakota has passed away. T. Boone Pickens, whose investments helped shape the American energy industry going back to the 1950s, has died at the age of 91. Pickens was in Fargo in 2008 on a campaign to help the U.S. lessen its dependence on oil from OPEC nations. Despite…

Oil Production Steady in North Dakota

The state's wells produced 1.39 million barrels of crude per day in May.

BISMARCK, N.D. – State officials say oil production in North Dakota held steady this spring. The state’s wells produced 1.39 million barrels of crude per day in May, just 800 per day more than in April. Despite the steady May numbers, North Dakota’s oil production is near the record set in January. And, the high level is creating some transportation…

Gas Prices Start Rising In The FM Metro Following Hike In Oil Prices

AAA says the average for a gallon of gas in the FM metro is $2.11

FARGO, ND — You’ve probably noticed that gas prices are starting to rise in the metro. AAA says the average for a gallon of gas in the FM metro is $2.11. The statewide average is $2.20. The hikes follow a jump in oil and wholesale gasoline prices. Crude oil began the week trading at its highest price point of the year…