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North Dakota set a per-day record of 261,000 barrels in February.
Before the infrastructure improvements, the state’s pipeline, rail and refining capacity was only 189,000 barrels a day. Now, based on recent investments, that capacity is about 400,000 barrels a day. It should be enough to handle the expected growth in crude oil production for the next two years, if the price remains steady. And recent history suggests that production from the Bakken Formation will continue to grow beyond that limit. North Dakota pockets $9.3 million a year for every $1 increase in the price of crude oil.
Lynn Helms, director of the state Department of Mineral Resources, said if crude prices hold, North Dakota could hit 350,000 barrels of oil a day by late 2011. That amount of production is within the state’s shipping capacity
North Dakota surpassed Louisiana last year as the fourth-largest oil-producing U.S. state.
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Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.