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Drill, North Dakota, Drill
IBD Editorials ^ | October 11, 2010 | Investors Business Daily staff

Posted on 10/11/2010 5:16:10 PM PDT by Kaslin

Recovery: While states like Nevada wallow in recession, tiny North Dakota becomes the first state rated as expanding by a leading service. Could it be the state's burgeoning energy industry?

The recession — induced by Democrats and activists meddling in the housing market through the Community Reinvestment Act and then whistling past the bad-loan graveyard of Fannie Mae and Freddie Mac — officially ended in June 2009, according to the National Bureau of Economic Research.

For much of the country, mired in a jobless recovery with job losses so great and prospects so bleak that it will take decades just to get back to where we were, this statistical factoid meant little as hope and change continued to deteriorate into chaos and incompetence.

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.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Editorial; Government; US: North Dakota
KEYWORDS: bakken; bigoil; domesticenergy; domesticoil; drillbabydrill; drillheredrillnow; energy; energyindependence; fracking; gulf; marcellus; moratorium; northdakota; oil; oilspill; shaleoil

1 posted on 10/11/2010 5:16:11 PM PDT by Kaslin
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To: Kaslin

Hehehehe. Drill baby drill.


2 posted on 10/11/2010 5:19:33 PM PDT by Parley Baer
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To: Kaslin
"tiny North Dakota becomes the first state rated a ..."

North Dakota is not "tiny."

3 posted on 10/11/2010 5:20:01 PM PDT by StormEye
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To: StormEye

I was gonna say...There’s a whole lot of wide open out there for it to be called tiny.

Tiny population maybe...But you know for all the brainpower they have there in New York City, I haven’t seen one oil well drilled there yet.


4 posted on 10/11/2010 5:25:26 PM PDT by WAW (Which enumerated power?)
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To: Kaslin

“...tiny North Dakota...”:
-
Tiny, it ain’t.


5 posted on 10/11/2010 5:25:39 PM PDT by Repeal The 17th
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To: Kaslin

A couple of years back the western ND producers were having trouble finding pipeline capacity to efficiently be able to sell and deliver the goods. Not sure of today’s situation, but they likely need to lay some pipe too.


6 posted on 10/11/2010 5:26:25 PM PDT by Paladin2
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To: StormEye; Kaslin

North Dakota is not “tiny.”

I’m surprised that they didn’t call it inconsequential. I’m also sure that this is not the kind of news BO wanted coming out.


7 posted on 10/11/2010 5:31:26 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: StormEye

When you have third smallest population in the US you qualify as tiny.


8 posted on 10/11/2010 5:36:15 PM PDT by aft_lizard (Barack Obama is Hugo Chavez's poodle.)
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To: Kaslin

All I know is this. People moving out there to work in the oil industry are going to find out what “cold” is in winter.

But, that said, good on ya ND!


9 posted on 10/11/2010 5:41:46 PM PDT by crz
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To: Kaslin
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.

I don't remember any recession here. Our economy has been good all along. The drilling started here in earnest in 2007. The well that got this whole current Bakken activity was drilled in my delivery area in 2006.

10 posted on 10/11/2010 5:44:06 PM PDT by upsdriver (The revolution begins on Nov. 2 to take back our country. The American people vs the ruling elite.)
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To: Grams A

I believe the author meant in terms of having a rep in Congress not area wise. North Dakota has only one rep and that is Earl Pomeroy and he is at large


11 posted on 10/11/2010 5:45:13 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: crz

Lots of folks moving here to grab some of the jobs,as well as oil companies and support businesses. Home construction is also booming as housing is in short supply. It is definitely a sellers market.


12 posted on 10/11/2010 5:50:14 PM PDT by upsdriver (The revolution begins on Nov. 2 to take back our country. The American people vs the ruling elite.)
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To: Kaslin

North Dakota also did not see a bubble in housing prices. Many if not most of the lenders were and are fairly conservative.


13 posted on 10/11/2010 5:50:43 PM PDT by Maine Mariner
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To: Kaslin

Seems like most of the out-of-work contractors in my area are in N.Dakota,including my son and a lot of his friends. Its not their favorite place to be but it is work.


14 posted on 10/11/2010 5:50:51 PM PDT by MTMS
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To: Kaslin

It coulde not happen to better people. They are the salt of the earth types.

Fortunately they have also seen the light and will elect a Republican US Rep. and a Republican US Senator in November.


15 posted on 10/11/2010 7:12:57 PM PDT by Gumdrop
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To: Nachum; markomalley; Carlucci; grey_whiskers; meyer; WL-law; Para-Ord.45; 70th Division; ...

Ping


16 posted on 10/11/2010 7:22:35 PM PDT by raptor22 (The truth will set us free)
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To: MTMS

Have they lived through a ND winter yet? If not, they better hunker down, ‘cuz you ain’t felt cold until you’ve felt ND cold.

From someone who spent 38 years in the warm, tropic, climes of Minnesota.


17 posted on 10/11/2010 7:27:11 PM PDT by Balding_Eagle (If America falls, darkness will cover the face of the earth for a thousand years)
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To: Kaslin

#3 Son is already there, working for Halliburton in the oil shale patch. He has encouraging news about the economy, so I’m glad they got there when they did. If anybody decides to go to seek their fortunes there, they need to know that housing is at a very high premium. Prices are high, and Canadians come across the border to shop, so there’s lots of competition for goods. (I just had an image of the “Galt’s Gulch” sign in my mind...)


18 posted on 10/11/2010 8:20:54 PM PDT by redhead (Abortion: The number one killer of human beings. Period.)
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To: crz
"All I know is this. People moving out there to work in the oil industry are going to find out what “cold” is in winter."

Yah, having winters in Minnesota and Alaska are definite experience enhancers, that's for sure. My son worked on the North Slope for 5 years, so this is going to be quite familiar. ND winters are considered "Arctic."

19 posted on 10/11/2010 8:23:31 PM PDT by redhead (Abortion: The number one killer of human beings. Period.)
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To: Balding_Eagle

Yes, they lived there part of last winter...in a trailer. It was almost unbearable. lol, good thing they are young. But, when it got too cold to work a few of them went to Hawaii for a month. They plan on doing the same this winter.


20 posted on 10/11/2010 8:55:37 PM PDT by MTMS
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To: redhead

Yeah, housing is pretty rough. My son and a bunch of guys are bunking in the bosses shop. Sleeping bags all over the floor, showers at the gym, etc.


21 posted on 10/11/2010 8:57:39 PM PDT by MTMS
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To: Kaslin

It’s amazing what happens when you use what God gave you!


22 posted on 10/11/2010 9:37:26 PM PDT by dila813
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To: Maine Mariner
North Dakota also did not see a bubble in housing prices.

Sure they did.  All states did.  North Dakota has one of the friendliest climates for new and established businesses, next to places like Texas and Florida.  Governor  Hoeven and the GOP Legislature have cut taxes every year Hoeven's been in office.  That's why he's popular and that's why he's running for the seat Dorgan is vacating, because the people of North Dakota believe Hoeven can do the same in Washington what he's done in Bismarck.

23 posted on 10/11/2010 10:17:43 PM PDT by BigSkyFreeper (In 2012: The Rookie and The Wookie get booted from the White House.)
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To: crz
All I know is this. People moving out there to work in the oil industry are going to find out what “cold” is in winter.

Where ya goin'?

Goin' to get my hat.

Where's your hat?

Texas!

24 posted on 10/12/2010 10:29:54 AM PDT by Ole Okie
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