According to the latest numbers from the Department of Mineral Resources, daily North Dakota oil production hit an all-time record in February:
Comparing February of 2013 to February of 2012, daily production is up 39.32%. It’s up 123.35% compared to February of 2011 and 198.05% since 2010.
As you can see, there were some hiccups in production over the last couple of months. Also, growth will likely slow and perhaps even plateau in the coming year or so, which makes this legislature’s decision to keep the state’s oil extraction taxes needlessly high, and needlessly complicated, is a mistake.
Just because the market conditions have been right for a boom in recent years doesn’t mean that will always be the case in coming years. Our leaders should be more forward-looking, but sadly they’re taking a very short-sighted “fleece them while we can” approach.