Drill, North Dakota, Drill

October 12, 2010 06:32

Energy industry pushes state from bust to boom. North Dakota only state rated as having an expanding economy with unemployment at 3.6%.

IBD Editorials


The most recent data from the Adversity Index, produced by Moody’s Analytics and MSNBC.com, showed that those states — Nevada, Michigan, Vermont, Rhode Island, Georgia, New Mexico, Mississippi and Illinois — were still in a recession as recently as July of this year.

One state, North Dakota, is in a boom of sorts, so much so that it was rated by the Adversity Index as the first state to have moved out of the recession and actual expansion mode.

The key may be North Dakota’s development of the energy resources under its soil and in its rocks, something the Obama administration is loath to do nationally. Instead we get drilling moratoriums and polar bear habitat protection that serve to make America the only industrialized nation not developing its domestic energy resources.

North Dakota is simply gushing. It has a billion-dollar budget surplus and oil revenues ready to shoot up 70% over the next two years.

Contrast this with the Gulf states, where job losses could reach tens of thousands as the oil industry atrophies and rigs leave for foreign waters.


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