North Dakota’s oil towns are booming again thanks to higher crude oil prices, according to a new study by North Dakota State University.
“We’re beginning to see a pick-up in activity,” Ron Ness, president of the North Dakota Petroleum Council, which commissioned the study, told The Daily Caller News Foundation. “More drilling rigs are planning to move in during 2017. We anticipate a big increase in the amount of activity taking place.”
The study found rising oil prices would benefit workers, businesses, and state and local governments. Much of the wealth created from oil is spent in North Dakota.
The oil and gas industry contributed $34.25 billion dollars to the state’s economy in 2015, and created 72,350 jobs in 2015, according to the study. Researchers concluded that North Dakota is rapidly recovering from the oil price collapse of 2014.
Though the first wave of the oil boom mostly passed by the time the 2015 study period started, most of the jobs and wealth in the state have remained.