Speculated oil price increase good news for ND

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In the last year we have gone from 36 active oil rigs in 2017 to 55 active rigs as of Jan. 15.

According to the North Dakota Petroleum Council, the price of oil is drawing more investment from Wall Street to North Dakota.

They said that every dollar per barrel that the price increases equals about $74 million per biennium for the state of North Dakota.

"Potentially going to hit some records sometime this winter or this spring. So, those are good things for the state of North Dakota's budget, good things certainly for mineral owners and interested owners across western North Dakota, and those communities that rely on those dollars to pay for their infrastructure," said Ron Ness, president of the North Dakota Petroleum Council.

Ness said that the price of oil is now predicted to be $15 per barrel higher than what the state budget forecast.