Got sent this news snippet:
The single state of North Dakota is now producing as much oil as Venezuela, a member of the Organization of the Petroleum Exporting Countries. While Venezuela continues to falter under its socialist regime, North Dakota continues its historic rise in crude oil production. The sparsely populated midwestern state churned out 1.27 million barrels a day in July, according to data reported by Bloomberg. This is approximately the same level of production seen in Venezuela during the same month. The numbers provide a snapshot of how much the industry landscape has evolved in the two places. Much like other regions in the United States, North Dakota has experienced a shale oil boom in recent years. The advent of hydraulic fracturing has allowed North Dakota — home of the Bakken shale play — to produce oil at rates four times greater than its previous peak set in the 1980s. The state is now second only to Texas in oil production and enjoys the lowest unemployment rate in the country.
Yet here our Government bans future exploration meaning we will be importing oil from North Dakota.
Interesting the comparison between Venezuela and North Dakota. Venezuela has a population of 32 million and North Dakota a population of 750,000 – smaller than Auckland.
Venezuela was producing 3.5 million barrels a day before the socialists took over and is now down to under 1.5 million barrels a day.
North Dakota has the lowest unemployment in the US, and per capita GDP 29% above the US average plus a billion dollar surplus.