Falling Oil Prices Curtail Growth Rate of North Dakota Legacy Fund
Approved by state voters and formed in 2011, the North Dakota Legacy Fund is funded by oil and gas tax revenue. The falling price of oil is negatively affecting US-based commodity funds by reducing future flows. Under Article 10, Section 26 of the North Dakota Constitution, 30% of state revenue derived from North Dakota’s oil and gas extraction and gross production taxes must be deposited into the Legacy Fund. Four counties in North Dakota – Williams, McKenzie, Dunn and Mountrail, produce around 90% of the state’s oil.
Breakeven Prices for Regions
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