During many previous economic downturns, it’s been the big states, like California, that have led the way toward recovery. Could one of our smallest states in terms of population, North Dakota, be set to pull the American economy out of its doldrums? It certainly looks possible, if one considers the strength of the state and local economies in the area. The Bakken Oil Boom has brought a steady stream of economic growth to North Dakota. It’s providing jobs directly in the oil industry and indirectly through all kinds of support services. Even better is the fact that increased domestic oil production reduces dependency on foreign oil, which sends American dollars directly to overseas oil suppliers.
The effects of this oil boom are far-reaching, both politically and economically – more jobs, better-paying jobs, increased tax revenue, decreased dependence on foreign oil. What other opportunities are there that could drive similar growth and potential? Only time will tell.