March 15, 2023
North Dakota oil and natural gas financial impact grows
Special to The Farmer
The headwinds of environmental concern may blow strong against North Dakota’s Oil and Natural Gas sector, but the industry continues to show strong growth. A new report issued March 7, by the State’s Commerce Department, shows that the industry now contributes more than $42 billion annually to the state’s economy.
The Commerce Department has issued the report every two years since 2005. The latest version shows that total gross business volume for 2021, which includes direct sales in the oil and gas industry and business generated from indirect and induced economic activity throughout North Dakota, was estimated at $42.58 billion. This represents an increase of $2.38 billion over 2019.