Oil Boom: Boon or Bane for the Bakken Region?
(Part 1) The Oil Boom Means More Work for People
The oil industry in North Dakota, around the Bakken formation, continues to grow. Oil was discovered in the area in 2006; 8 years later and more and more field workers continue to troop to the Bakken region to work in the growing oil industry, supported by the recent discoveries of shale gas reserves in the area.
According to The Federal Reserve Bank of Minneapolis, the employment levels in the Bakken Area have doubled since 2008. This is due to the oil boom in the region.
Even during the recession, the unemployment rates in the region remained low. While residents of some states suffer through unemployment and even bankruptcy, it is not the same for people who live in North Dakota. It can be told that anyone in the area who wants to work, can work. In September 2014, the Bakken Oil Counties registered a 1.6% unemployment rate. This figure is much lower than the registered unemployment rates in many other regions. As if October 2014, the United States had an unemployment rate of 5.8%, the lowest it has ever been since recession hit the country in 2008; the rate has usually been above 6%.
The rest of Montana had an unemployment rate of 5.0% in the same month. Meanwhile, the rest of North Dakota registered a 3.1% unemployment rate.
The available jobs aren’t for oil workers alone, because so many people have moved to the area to work in the oil fields, service workers in different industries are needed as well.
Part 2 coming tommorrow.
Terry Smeader
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Tags: Bakken, Jobs, oil and gas
