North Dakota’s Oil Boom Fueling Legacy Fund
According to the U.S. government’s Energy Information Administration, in 2005 about 3,000 barrels were extracted per day. In 2010, the number is about 225,000 barrels per day.
In 1995, the United States Geological Survey checked Bakken and found about 151 million barrels of recoverable oil. Now there is an estimated 6 to 24 billion barrels of recoverable oil.
North Dakota’s state government predicts US$ 1.5 billion in surplus and reserves by June 30, 2013. The voter-approved Legacy Fund already had US$ 219.5 million which is funded by oil and gas tax revenue.