They did it again…
North Dakota just crushed oil production records.
It’s now producing more than 900,000 barrels a day.
That’s up 100,000 barrels in just three months.
“These are amazing numbers,” says Lynn Helms. “These are major, major milestones.”
As the director of the North Dakota Department of Mineral Resources, he has plenty of reason to be excited about the oil in his backyard.
After predicting North Dakota would reach the one million-barrel mark by close of 2014, the state just “blew through 900,000 per day in August,” he says.
And there are zero signs that this growth is slowing.
In two short years, North Dakota oil production has soared from 446,300 barrels per day in August 2011 to more than 900,000 barrels.
Rest assured, production could rocket even more…
At this rate, Bentek Energy LLC of Colorado may be right about two million barrels a day by 2025. Perhaps we’ll see two million a bit earlier, though.
No wonder the state boasts 3.0% unemployment, 2012 GDP growth of 13.4%, and millionaire landowners. Other states – like California – would be foolish to fight this growth over fears of hydraulic fracturing.
As we’ve said for quite some time, we have no doubt North American shale plays are launching an explosive energy renaissance. One of the stocks likely to benefit from the resurgence of activity is Warren Resources (WRES), which The Cheap Investor recommended to subscribers in May 2012.