Forecast shows more money for ND

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BISMARCK, N.D. - North Dakota legislators will have more than $121 million in their general fund budget for the next two years.

That's according to Moody's Analytics, who the state uses for revenue forecasting.

Moody's is the first of two reports they'll get this week.

The state’s OMB Director and Moody's both called this a very conservative projection which shows North Dakota hitting new oil and gas production records by July of 2021.

The updated report expects oil to stay around 49 dollars a barrel for the state and after a slight dip in production toward the end of this year, the state would ramp back up to around 1.4 million barrels a day.

On the national scale, Moody's predicts a national slow down or maybe a recession near the end of 2020.

That could mean good news for North Dakota.

"North Dakota has typically been counter-cyclical. We have experienced growth when the nation has experienced. So that's certainly a possibility that we would benefit from that. It just depends on the impact on commodity prices including oil," said OMB Director Joe Morrissette.

The legislature will get their second report from IHS Markits Tuesday morning, then decide Thursday what number they'll set before dishing the money out.