Check out this pump working away to bring oil to the surface so you can drive your car. Shaky photography courtesy of James Ulvog.
Preliminary production data for the state is 1,039,635 barrels per day average in May 2014. That will be revised up a smidgen over the next two months.
At the average price for the month provided in the Director’ Cut report of $88.31 for 32.2M barrels, that is an economic output of $2.84 billion for the month. Very cool.
Here’s a few graphs:
Monthly production since 2008:
Two more –
Monthly production since 1990:
Total barrels of oil given to boost the U.S. economy from North Dakota:
Increase in May was 3.6% over revised April. The increase in April was 2.8%.
Should be full steam ahead until the winter weather kicks in. Six months of 2% per month would put November production at 1.17M bopd. A 2.5% monthly increase would be 1.21M bopd in November.
Carpe Diem says May was another record-setting month for North Dakota oil as the state’s daily output topped 1M bbls. for second month. Also points out for ten months in a row, North Dakota has provided over one-eighth of all U.S. production.