Oil and Natural Gas: A powerhouse for North Dakota’s economy
Ron Ness
President of the North Dakota Petroleum Council
Results of the most recent NDSU economic impact study are in and to no surprise, the oil and natural gas industry continues to be a major force in North Dakota’s economy. Nowhere is that more apparent than at the 2023 Legislative Session. Taxes paid by the oil and gas industry account for over half of all taxes collected each year by the state. The billions of dollars this industry pays every year are helping fund everything from education to road construction to flood control to tax relief.
And the impact of the taxes and royalties paid by our industry touches every corner of our state. These dollars end up in counties and communities across North Dakota. In fact, every single county in our state receives funding from the oil and natural gas taxes and royalties through special funds established by the Legislature. The $8 billion N.D. Legacy Fund, funded entirely by oil taxes and the earnings they generate, ensures that North Dakota will benefit from our industry now and in future generations.