“The North Dakota Miracle.”
That’s what it’s been dubbed by many. The recent boom of the Bakken oil fields—made possible by a perfect storm of sensible state regulations, the often maligned fracking process, and the fact that most drilling is taking place on private lands—has produced a whirlwind of economic growth in a formerly sleepy corner of northwest North Dakota. Recently, a team from The Heritage Foundation and the Institute for Energy Research (IER) traveled out West to see it for ourselves.
During our short, 3-minute video, you will hear from the people themselves about the impact the boom has had on their families and their community. But the most striking takeaway for many who watch may well be the stark contrast between an electric local economy and the more familiar picture around the rest of the country still saddled with high unemployment and a sputtering economy. And while the Bakken will not single-handedly revive America’s sluggish economy, it can, as evidenced by the success in North Dakota, be an important part of the solution. And North Dakota is only one of many states that is beginning to reap the economic benefits of fracking and other advances in drilling technology to harvest previously inaccessible oil deposits. That is, of course, if the federal government does not disrupt the whole process.