BISMARCK, ND – Rising oil prices in the United States, which are forcing motorists to pay more at the gas pump, are adding to North Dakota’s bottom line.
North Dakota Treasury Benefits From Rising Oil Prices | State and regional
The state’s oil production edged up in September, but North Dakota crude prices were 32% higher than the state’s tax revenue forecast.
New data shows North Dakota produced 1.1 million barrels of oil per day in September, up 0.5% from August. The state’s natural gas production was stronger, up 1.8% from the previous month, the Star Tribune reported.
U.S. oil prices have climbed to around $ 80 a barrel in recent months, reaching highs not seen since 2014.
“US crude inventories are really low – they’re at their lowest of their five-year average,” Lynn Helms, North Dakota director of mineral resources, said Tuesday.
These low stocks are expected to continue to support high oil prices unless there is an “OPEC surprise” or a significant increase in cartel production, Helms said.
On the other hand, “we are not going to see any relief in gasoline or diesel prices,” he said. “Sorry, consumers.”
In Minnesota, gas costs an average of $ 3.17 a gallon, up from $ 1.95 a year ago, according to GasBuddy, a price tracking company. The North Dakota average is $ 3.19 while the national average is $ 3.41.