Tag Archives: oil boom

North Dakota May Have Finally Found Rock Bottom in Revenues Free Fall

North Dakota May Have Finally Found Rock Bottom in Revenues Free Fall

Yesterday the Office of Management and Budget released their final general fund revenue report for the 2015-2017 biennium which ended on June 30. You can read it in full below. Compared to the previous biennium – which set a record for general fund revenue collections – the State of North Dakota was down over $1.68

Trying to Solve a Spending Problem With Tax Hikes Is a Fool’s Errand

Here’s a simple truth about governance: Spending increases are easy. Spending cuts are really, really hard. North Dakota is currently learning that lesson. Per data put together by Legislative Council, our state’s general fund spending increased more than 167 percent from the 2007-2009 biennium to the peak of the oil boom in the 2013-2015 biennium.

If It’s Ok to Be Concerned About Oil Workers, It’s Ok to Be Concerned About Refugees

“It is remarkable how often those who preach tolerance and patience with ‘new Americans’ will turn around and rail against the oil industry for increasing crime in our state.” I wrote those words back in 2015, noting the left’s propensity to malign energy industry workers with pejoratives like “oilfield trash.” I thought about that post

Not Rock Bottom Yet: North Dakota’s August Revenues Come in $9 Million Under Forecast

Revenue forecasting in North Dakota has been a train wreck over the last several years. During the peak of the oil boom years revenue forecasts understated revenue by billions. Now that the oil boom is over, the forecasters have understated revenues by billions. For a state that budgets based on revenue forecasts, this is an

Funny How Nobody Wants Rent Control When Rents Are Falling

Two years ago, in the throes of a housing shortage driven by the Bakken oil boom, the Williston Herald called for rent control in an editorial. “It has been well-established that rent control is illegal in the state of North Dakota, but it is also gaining momentum from residents and activists seeking change,” the paper wrote.

As Special Session Ends It Is Worth Remembering That North Dakota Still Has Plenty of Revenues

State lawmakers finished up their special session in Bismarck today, passing legislation which cuts spending and moves money around to fill a hole in the budget. The reasons for the hole? During North Dakota’s oil boom years lawmakers grew spending about as fast as revenues grew, which was pretty fast. But now the oil boom

Governor Jack Dalrymple on Why He Didn’t Call a Special Session Sooner: “Because We Didn’t Have To”

Yesterday while sitting in for Jay Thomas on WDAY AM970 I interviewed Governor Jack Dalrymple about his announcement earlier in the week calling for a special session. The full audio is below. My first question was why he didn’t call for one earlier in the year. “Well, because we didn’t have to,” he responded. “I’ve

Governor Jack Dalrymple Should Have Called for a Special Session

Governor Jack Dalrymple needs to do two things to begin addressing falling post-oil boom tax revenues which just can’t seem to find rock bottom. First, we need to start the process of finding a better forecaster for state revenues than Moody’s Analytics. That company, which produces the revenue forecasts which are used for budgeting, couldn’t get state

North Dakota General Fund Revenues Down More Than A Quarter Billion

A new general fund revenue report is out from the Office of Management and Budget. First, some good news. Oil tax revenues exceeded expectations in May. “Actual revenue numbers just released by the Tax Department show May oil tax revenues exceeding estimates by $23.3 million. Oil tax revenue collections from February through April 2016 also

North Dakota Shouldn't Be Using A Boom-Era Budget As Baseline For A Post-Boom Budget

Yesterday Governor Jack Dalrymple set budget guidelines for state agencies asking them to come in at 10 percent less than their budgets for the current 2015-2017 biennium. Though really what Dalrymple is ordering is a 5.96 percent reduction. State agencies are already reducing their budgets from what was appropriated by 4.04 percent to comply with