North Dakota drilling activity affected by crude oil prices
Wednesday, March 16, 2016
In North Dakota, where the shale boom dramatically increased the state’s oil production over the past decade and helped to lower unemployment rates, the sharp decline in crude oil prices has affected the state’s growth and budget.
CNBC reports that there are 30 rigs operating in North Dakota’s Bakken shale today, down from its peak of about 200 in 2014. However, the state’s unemployment rate is still low, and there are still job opportunities.
The source provides production charts as well as detailed information about U.S. shale plays and their national ranks, employment, wages and state taxes, showing the effects of the oil price collapse on the industry across the nation.
Read more: CNBC > North Dakota wakes up to hangover as oil swoons
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.