Largest Bakken Producer Shuts In Almost All Production

By David Middleton – Re-Blogged From WUWT

Continental Resources Halts Shale Output, Seeks to Cancel Sales
Devika Krishna Kumar and Liz Hampton, Reuters

Fri, 04/24/2020 – 04:20 AM

The largest oil producer in North Dakota has halted most of its production in the U.S. state and notified some customers it would not supply crude after prices dived into negative territory this week, people familiar with the matter said.

Continental Resources Inc., the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state’s Bakken shale field, three people familiar with production in the state said April 23.

Global oil prices have plunged because of excess supplies and tumbling demand due to the coronavirus crisis.

Continue reading

The Fossil Fuel Dilemma

By David L. Debertin, – Re-Blogged From WUWT

California again easily could become one of the top three fossil fuel producing states in the nation, but the largely liberal state has made drilling for fossil fuels within the state very difficult if not impossible. So the drillers have wisely looked elsewhere for locations that pose less of a political burden. North Dakota and its leaders welcomed the drillers. The result is tax dollars flowing into the state treasury from a variety of oil-related taxes levied not only on the drillers, but on individuals receiving mineral royalty income. In the past dozen years or so this has meant that taxpayers outside the oil producing counties have seen state-level taxes drop and the state can pursue projects that benefit the residents in a host of different ways simply by using funds that would not have been available had the drilling not occurred.

Continue reading

Dakota Access Pipeline’s Financial Impact Could Be Staggering

By Andrew West – Re-Blogged From Patriot Update

An enormous debate was once raging around the path of Dakota Access Pipeline, with camps of liberal litterers finally being evicted by the Trump administration.

The economic impact of the Dakota Access Pipeline will be staggering, but that impact is being ignored by the mainstream media.

The trashy mess leftover by these leftist agitators belied their complete and utter lack of fundamental reasoning, and underscored the issue that progressive groups have with “big picture” logic.  Now, a new report out of North Dakota has outlined something else that these protesters didn’t realize; the Dakota Access Pipeline is going go be an enormous boon to the North Dakota economy.

Continue reading

Oil Town Americans Late on Car Loan Payments

By Matt Egan – Re-Blogged From CNN Money

Stress in the oil industry is starting to contaminate other parts of the American economy.

For the first time since oil prices began crashing in mid-2014, banks polled by the Federal Reserve are warning of a “spillover” effect onto loans made to businesses and households in energy-dependent regions of the country.

Senior loan officers of nearly 100 banks acknowledged that credit quality has “deteriorated” on everything from auto loans and credit cards to commercial real estate mortgages. Translation: More people aren’t paying and delinquencies are rising.

It’s a sign of how the deep spending cuts, mass layoffs and even bankruptcy filings in the oil patch are inflicting real pain in certain energy-focused states like Texas and North Dakota.

Some large U.S. banks have individually warned of early signs of so-called contagion.

Continue reading

Mark Perry AEI   By Mark Perry

Re-Blogged From the American Enterprise Institute

Oil drillers in North Dakota pumped out 1.18 million barrels of oil per day (bpd) in September, setting another new monthly all-time record high for the state’s crude oil production (see blue line in top chart), according to oil production data released this afternoon by North Dakota’s Department of Mineral Resources. September marked the sixth straight month that daily oil production in the Peace Garden State exceeded one million barrels. Another important production milestone was reached in September, as average daily crude oil output from the state’s shale-rich Bakken oil fields topped one million CONTINUE READING –>