Now that we have solidly linked oil and gas consumption to GDP, what about the E&P (exploration and production) side?
Well, what do you know? There’s a correlation there, too…who woulda thunk it?
OK, our readers would have – but then they are smarter than the average bear…or “progressive”.
Here’s an example from the Heartland. North Dakota. Where the men are men and the sheep are nervous because velcro gloves are sold by the case at the local TSC (Tractor Supply Company) store.
May I point out that it is Chick Days at TSC – where the Breed of the Week is the RHODE ISLAND RED. Click to find out why this breed is a great “Flock Starter”.
Via Carpe Diem (h/t Instapundit):
The “Economic Miracle State” of North Dakota pumped another record amount of oil during the month of January at a daily rate of more than 546,000 barrels, which was an increase of 2% and 11,000 barrels per day compared to January, and was 59% above the output level from a year earlier. It’s likely that the new record moved the Peace Garden state ahead of California to become the nation’s No. 3 oil-producing state in January, behind only Texas and Alaska. Recent estimates put California’s oil output at about 535,000 barrels per day, and Alaska’s production at 593,000. If North Dakota continues to increase monthly output at the current rate, it could surpass Alaska by April to become the No. 2 oil-producing state.
As a result of the ongoing oil boom in the Bakken area, North Dakota continues to lead the nation with the lowest state unemployment rate at 3.3% for December, more than five percent below the national average of 8.5% for December. There were 16 North Dakota counties with jobless rates at or below 3% for December, and Williams County, which is at the center of the Bakken oil boom, boasts the lowest county jobless rate in the country at just 1%. There are more advertised online jobs available (17,000) in North Dakota than unemployed workers (12,540), for a Supply/Demand ratio of only 0.74. Nationally, there 12.758 million unemployed workers and 4.383 million advertised openings for a Supply/Demand ratio of 2.91.
Unlock energy to unlock the economy.
Lather. Rinse. Repeat.