Is North Dakota’s economy really oil-rigged?
CNBC - 06/24/2015
“The bigger problem is going to be the knock-on effect,” said oil and gas expert Jeffery Born, professor of finance and group coordinator at D’Amore-McKim School of Business at Northeastern University in Boston.
North Dakota was the second-largest producer of crude oil in the nation in 2013, after Texas, according to most recent published datafrom the U.S. Energy Information Administration.
“The state of North Dakota is quite dependent on energy-related activity as a source of GDP,” Born said. The real GDP in North Dakota grew 6.2 percent in 2014, compared to 2.2 percent for the U.S. as a whole, driven by the oil and gas industry, according to data released June 10 by the Bureau of Economic Analysis.