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North Dakota's Oil Rush: If the Boom Goes Bust
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- čas přidán 22. 12. 2012
- Millions of barrels of oil are rolling out of North Dakota each year and thousands of job-hungry Americans are rolling in, drawn to lucrative oil jobs. But the state faces a challenge: How much do you build when an oil boom may one day bust?
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Too many people are going to blow their earnings on overpriced houses, trucks, illicit substances, hookers, other goodies, then the boom will go bust and they will be back where they were before.
Feel better now?
worry about yourself. it will take decades for the oil to stop by the way.
HiDesert004 cocaine and hookers.
Exactly. You have to plan for the famine during the feast. Where there is a boom, there is ALWAYS a bust. Count on it.
sounds like the american dream
The lesson here is save your money.
+PoxyBear So many people think that saving money is just a short term goal to buy something expensive. Wrong. Saving is primarily about survival. It's about getting through the rainy days.
A disappearing trait in America...
Yup.
You see the same tend in boom towns all over the world.
People grow like goldfish to the size of their paycheck instead of saving or investing.
PoxyBear worked 5 years up there saved 350000 dollars
A great follow on . . . with existing technology, is energy production, both solar and wind. State of North Dakota would again need to negotiate coordination . . . as a result of its' distant communities. Example . . . Bismarck, Minot, and Devils Lake are multiple hours from each other. Coordination must be required for this product to be shared interstate . . . like the pipeline stretching from Canada, eastern North Dakota . . and South Dakota. Likewise, this could provide additional revenue to the Indian Reservations . . . if solar was placed there . . . not providing the negative p.r. that the pipeline made when it burst, and, polluted it reservoir.
I live in Louisiana and I remember what the Oil Bust of the mid-80s did to my state. It completely shattered the state economy. Unemployment shot up overnight to more than 13%. So many people wanted to leave that U-Haul had to bring in more vans by the trainload and the people who got hit the hardest was the "false" middle class that oil produced. Times were so good during the Boom that it was possible for anyone to find a high-paying job without even having finished high school. The good times are not going to last forever so people who work in this business should always put aside as much as they can for when the good times don't roll anymore.
And if they vote for republican criminals, there's no sympathy for them. Just for their children, the victims of stupidity
Broke out in the oil fields of Wyoming in 1971 and benefitted from the oil boom of the 70's. Oil ran from $3 to $40 during that time. And then the slow drop in prices started until it reached around $6 for the lower grades by 1986. By then you couldn't buy a job. Sign outside Casper Wy said, "Would the last one to leave, please turn out the lights." They weren't kidding. This boom will go bust just like they all do. So if you're in it, enjoy it while you can and save all the money you can, because when it all ends, you'll need it to get started in something else.
China wasn't an economic capitalist materialistic power house back then. Now we have two billion people living like U.S citizens. Plus, the tech world and the internet wasn't there either. There is just more consumption by more people today and that requires more fuel.
zzap999 Economically, everything is slowing down worldwide. That is why there is a huge oil surplus right now and the price has dropped so far so fast. The demand is not there now. It will get worse, a lot worse because, as always, the more things change, the more they stay the same. $20 oil wouldn't surprise me before it bottoms. The Saudi's are doing the same thing this time as they have always done. And that is, they will flood the market until all the high cost marginal producers have been driven out of business. Unfortunately, that includes all the shale oil producers in ND and other places. But that may not be the worst of it. The worst of it is be how severely might the bond markets be affected when the junk bond debt that financed most of the shale oil boom starts getting defaulted on, and how much of that junk debt supports the derivatives market? No way to know until it happens.
4 year old responses . . . no bust yet !
The boom will bust!!! I've been saying it for years!!! And the bust will happen soon!!!! Oil workers are looking desperately for housing, and several towns are building like crazy to accommodate! But, honestly?! What will these towns do with the hundreds of unoccupied housing when the workers leave?!?!
Every well that gets drilled in nd either goes into the bakken or the three forks... Many years ago a handful of companies drilled into both. Creating dual lateral wells... At the time it wasn't cost efficient. When all these thousands of wells stop heavily producing, they'll bring in re entry drilling rigs to drill into the other formation. It will slow down but it won't bust. Every well in the "bakken" has the potential to be drilled again. It's their long term guarantee so the economy doesn't go bust like it did in the80s...
Yup, I voted for our current president. That does not make unaware of what is going on in my state. Every boom must bust. That is a fact anyone who has been forced to study economics understands. Please, don't misconstrue my statement. I'm pleased western ND is experiencing an oil boom!!!!! But, one day, it will end. What then? The oil is limited, the day will come when the wells dry up...what will happen to these smaller towns then?? Republican, Democrat....who cares?! Booms always bust!
And I'm done. When you have an actual, factual argument about boom vs. bust, please let me know. I'd love to have a normal discussion about it.
That's if you run out of oil. As for demand, it's way higher than the last ND bust. China back then wasn't an economic power house as it is today. More tech products and more types of cars are available that still needs fuel. The only product that can mass produce to the point of countering the boom is Elon Musk and his Tesla company. But at most, any significant demand on electric cars will at most keep gas prices cheap. Now if liberal California decides to get their heads out their asses and allow mass oil drilling in the state is another story. California has the perfect weather to work in any job.
***** What do you think pays for Canada's socialized healthcare system? Answer: OIL.
Here's an idea: as soon as the oil boom stops, give out money to wind turbine manufacturers, and where once oil rigs would pump oil, those companies could invest and build wind turbines (which would keep the people around, since they'd keep a well-paying job). And nobody would try to tell me that a man that knows to assemble and operate a rig can't assemble and operate a wind turbine
Ahhh good ol’ Williston! Twas good to me, hauled a few hundred thousand barrels of crude, got out of debt.....and then got out of Williston! Life’s good
Would be fun to have a follow-up video...
PS: Not every governing body has the wiseness of Norway.
Saving money in the fund for 1% a year? Why can't they, the government, diversify the industries as they did in Texas. TX used to survive solely on energy industry but today they have big high tech industry around. Houston, they also learned that too. There are a lot of industries they can bring up there too if they want to develop this corner of US. High tech, Manufacture, Service, Agriculture (they already have but can improve), tourism,...just name a few of them they can do now to make it "Busting Proof". And don't forget that hydrogen carbon is also the backbone of almost all products we use today, even medication.
This post is where North Dakota was in 2013 . . . how bout an update ! I don't read yesterdays Wall Street Journal !
SAVE YOUR MONEY!!! Or you wish you did...living in a van down by the river!
ND last had a boon in 1890-1910, when immigrants flooded in to start farms. When the droughts of the 1930s made it impossible to farm, most towns were abandoned. There isn't much in ND except for oil and wheat-and when oil drops off, people will have to leave.
Ad Mirer You are so silly. Have you ever been here??
+Ad Mirer In the western part of the state, yes. Fargo and Grand Forks have been experiencing a tech boom for many years now and it's still going strong. Some of the biggest and wealthiest tech companies in the world are employing thousands of people here.
Ad Mirer There was an oil boom in the 80's as well. Oils always been there. First one drilled was in early 50's. Now over a million barrels produced a day.
I went to Elk City Ok in the late seventies (77) during the gas field boom it lasted about 4 years then it started winding down.
Born an raised in ND we have more oil then the gulf Mexico the only bust is this video
ThachosenJuan21 What does "Born an [sic] raised in ND " have to do with the comparison between economic oil reserves in ND and the Gulf of Mexico ? Either there are more reserves in ND than in the Gulf, or there are not, and where _you_ were born an [sic] raised has precious little bearing on the objectively verifiable answer to that geological question.
w67bv2cxm ....Lol ya we have oil go ahead and look into it, but now things are starting to slow down out west. It shall be interesting to see how it all plays out.
ThachosenJuan21 LOL I AM FROM THE FUTURE 2016 GAS WILL BE BELOW $1.50 A GALLON
@@robertchandler5055 boy were you wrong
@@gwenielongviewtravels9219 NOPE! LOOK UP UNLEADED GAS 3/21/2016 SOUTH CAROLINA $1.48 A GALLON southcarolinagasprices.com
Get rid of oil because oil is warming our climate
bet that family who moved is broke again
Nope, Oneok is a pretty steady company.
@@jonathanbatturs6359 youre d umm
@@juanshaftpatel7488 ya ok Patel, Don't fall off the top of the train ! 🤣🤣🤣🤣
@@jonathanbatturs6359 whya re you so poor?
@@juanshaftpatel7488 A wise man is never poor.
The oil boom is "OVER", most people that moved here for the big money ended up more broke than when they moved to North Dakota. Welfare benefits are no longer available either which makes it really tough too just get by.
The family from California is probably gone by now. Moving from palm trees and nice weather to the frozen tundra? Nope.
It would be one big shock for a Californian especially from bay area or socal LOL!
Tooter Turtle I’m from SoCal still work here in the bakken and I love it
@@lsxcole7039 I've been to that area. I was surprised how dirty it was. Muddy gas stations, trashed roads, broken windshields! No mountains, no decent Jeep trails. In Vegas you can make 80 grand parking cars. I'm well over six figures with no college. California is in a downturn because of politics but it's still the most beautiful state in the union. Forget the cities. Yosemite, Sequoia, Tahoe, Death Valley. Now that's diverse!
Chris Baumgarten your 100% right aside from the political stuff back home California is the most beautiful state by far I do love it there but unfortunately in my line of work the jobs are very low paying in the oilfields in California so I’m here for now in the Balkan there is a possibility of west Texas this spring I’m hoping for but we will see
@@lsxcole7039 Just checking. You still in ND?
It seems like half of California is moving here. More jobs than workers.
If you come here, there's plenty of work.
Enjoy it while it lasts ....cause it never does :)
I live in ND and I will tell you the boom is over..
+ThachosenJuan21 Is it really over? I am visiting ND in May. What shall I expect to see?
The Bakken stopped rockin so don't bother knockin.
+j miller hahaha😂😁 good one
Thank God its over. What we are left with is all the out of state parasites with no visible means of support, and the western third of the state an environmental disaster.
it aint like it was but still way more money than at the house 3 on and 3 off is not a bad schedule
Thanks Cosmo! It has been one of the best things we have done for our family. We are lucky enough to have a house and the kids love thier schools and friends. I have even found a job here! Many companies are asking for some experience but I am sure they arent goining to turn away a stellar employee, if they can be trainable. THey have learned thier lesson. A warm body does not answer all your problems, they have to have a little know how. We love ND and will stay for a while!
How are you in 2023?
People will find a way to complain about anything. Enjoy the boom, and be prepared for the bust when it comes, we could sure do with a boom where in from right now.
I made over $76,000 driving water truck and I literally smoked the vast majority of it ..... Gadamn I had a good time .
Diesel Ray 76k a year ?
When it goes bust, ND will be left polluted and damaged with tons of homeless people with nowhere to go.
+Quick C5 Z dont forget the meth!
They can start to cap the flare (million dollars a day in waste) to produce electric to send either up to Canada or down to the states. Sell the rest to ND people at cheapest price.
it's a pipeline issue since the gas can't b safely transported in trucks
But how much do these people keep after taxes?
With how much natural gas-fired generation we have, I doubt the gas boom will go bust for a while, but the oil boom might. In terms of installed capacity, natural gas-fired generation is tops in the U.S. at about 500 gigawatts (500,000 megawatts) or half a terrawatt.
2017 . . . that was two (2) years ago. Why text old news. What's the situation, today ?
I think this will continue, on the condition that OPEC doesn't flood the U.S. market with $10/bbl oil, like it did in the late-60's/early 70's. If oil prices don't do a nosedive, things will be fine. Of course, important factors in the equation are energy-hungry China and India, as they like their home heating/air conditioning and their automobiles.
What the cutting locust left, the swarming locust has eaten. What the swarming locust left, the hopping locust has eaten, and what the hopping locust left, the destroying locust has eaten. Awake, you drunkards, and weep, and wail, all you drinkers of wine, because of the sweet wine, for it is cut off from your mouth. For a nation has come up against my land, powerful and beyond number; its teeth are lions' teeth, and it has the fangs of a lioness
Having lived in this area most of life, I can say with certainty that the click photo did not come from ND.
I was there for the 80's Boom... It was a trip
The extremely easy money has already been made, but there's still massive amounts left to go. Yeah, it might not be as easy, but it's still damn good. It'll last for a while. Keep in mind that some places like Venezuela are just screwing themselves and some other fields like the North Sea are in the process of running dry. ND still has a lot of growth left. Mind you that eventually they're gonna tap the Marcellus. They haven't really even touched that yet. It's gonna happen though.
Lash LaRue Tell me more
@@shaunsimms8839 Probably passed on . . . here today, gone - 5 years later !
@@paulsuprono7225 ?
What goes up must also come down (if it’s the only thing you rely on).
Have you done any kind of a follow-up article, now that things have slowed down a bit? I hear jobs are still plentiful, and there is still a lot of catching up to do up there in western ND. Is that true?
Cops should have contracts
Definitely save your money because all these new homeowners in Williston won’t get back the money they spent on the new homes when the bust comes
Wonder how theyre doing right now ...
OIK is $38 a barrel. This town need to implode and go put of business.
I see oil going back up to $70 a barrel, not the over a $100 it was and it still being profitable to drill in North Dakota's Bakken for companies with their financial ducks in a row. Williston, ND is experiencing a "growth check" but not a bust or a recession but that story, the truth is boring and who would want to click on it.
Natalie F You see oil going back up to $70 a barrel ? Soon ? Unfortunately, the economists at Schlumberger, Halliburton, all the other service companies, the banks, the mutual funds, and the major oil companies disagree. The service companies are laying people off by the tens of thousands. The last drilling orgy/oil-glut lasted from about 1985 or '86 until 2000, and there are plenty of people out there who know it.
w67bv2cxm Almost $80/bl in Mid September, 2018.
I wonder what happened to these people now that the boom is over.
There should be another boom by the end of 2016 and the first half of 2017 and they're saying it will come "in in a rush." Prices of oil should twice the price. Williston is already getting ready for this
What happens to us when the boom is over you say?? We chase oil lol northern Michigan here and still going strong and I'll be back on nd in a few months again
Mid 2018 and nope... they bust
Wyn Williams Nope still over a million barrels a day. Just announced the US is #1 producer in the world.
Both oil production and rig count have dropped significantly, they have built to many homes again with nobody to go in them and overall oil is heading towards a large price drop which will put them back in the bust cycle unfortunately though you are right they are not there right now just heading right towards it.
The reliance on fossil fuels is very bad for the US anyway
Thank God for fracking. Just about every study indicates that demand for energy will increase in the decades to come. So, no need to worry. Feel bad for California though; progressivism is destroying their economy.
Demand will continue to increase as the supply decreases. How long do you think that's gonna work out?
Answer: TESLA
zzap999 None of the alternatives are being made affordable to consumers byt the "green" energy companies, seems they are just as concerned with profits as any other company
“Cutter”
ewwww did that say Kum and Go... LOL @7:00
Thats why they all have a smile on their face walking out!
Fucked, the gas prices are still expensive in CA.
Down to 2.50 a gallon up here in Idaho...
Why can't you just build houses and apartments
I hope it works out well.
when it comes to totemporary housing, I don't understand why you americans don't do like we do here in Europe. We have these ready built "bocks" that are trucked and craned in. Needs minimal work when putt together, they are weather proof and needs minimal work when being separated and trucked out again
They have the same thing call em trailers..
I love the Seniors! He plans to stay for 30 years. That's the spirit!!
Not happening,they the gov late 5 2013 just doubled the amount of proven reserves in ND,and Montana.....
Merry Christmas............ Oil Boom... Kick off and Buy Now....
I wonder what state they're living in now?
Nice
People need to stop taking advantage of North Dakota! I've lived here for 17 years! (till the day I was born)
lol. u couldn't pay me enough to live in that shithole
My god you’re twenty now.
Served in the USAF . . . Minot Air Force Base, North Dakota . . . back in the 80's. Remember watching the volcanic plume of Mt. Saint Helena . . . early 80's floating overhead, 60,000 feet up, eastbound !
Oh 7 years later
Mostly comments are years ago It is different now I say the boom will last 30 years
i love oil.
How long will it last? Is it worth it? How much of fossil fuel reserves how fast will be safe for planetary consumption? Would it have been better to transition off from fossil fuels by now?
Biofuel can be extracted from algae. Finite fossil fuel reserves isn't a big concern. Just switch to plants. However, it might be very expensive with only the wealthy who can afford $100/gal.
It is happening very slowly in industrialized nations. Just because we all saw an Inconvenient Truth and feel some panic doesn't mean engineers can work faster does it? If one of these companies offered their alternative energy cheaply it would make it seem like they actually cared about the environment versus making a ton of profit in an industry they feel hipster cred in;) We should be regulating what is going on right now rather than clamoring for it to be stopped.wholesale which the majority of Americans do not support.
Robert F. W. Whitlock Actually, it would have been better to have STOPPED the use of fossil fuels by now. This current oil industry bust is a perfect analogy for what humans do. We drive the car at 90 mph until we hit the concrete wall, and never see it coming. The economist Michael Greenstone wrote a NY Times article ( _If We Dig Out All Our Fossil Fuels, Here’s How Hot We Can Expect It to Get_ ; April 8, 2015) in which he predicted how bad it could get if we burned _all_ the fossil fuel we could get our hands on. His answer : 16 degrees F global average temperature rise. Of course, that can never happen because we would *all* be dead long before we reached a 16 F global average rise in temperature. If "we" (collectively) realized what was coming, we'd be conducting a frantic, _worldwide_ Manhattan Project to build and install solar photovoltaic collectors, solar thermal collectors, wind generators, and doing anything else that would cut us free of oil, gas and coal. But, being human, we're still going 90 mph, we've still got our foot on the gas, and we don't see that concrete wall that's just up ahead. Feedback control is apparently not something at which the human species excels.
The Wasington Post carried an article to what you are alluding to and......
It was written sometime in the early 1900's!!...We all have heard this doomsday stuff before.
Trains and More Nature and Stuff it's a bust now
Is the Bakken still rocking in 2019?
Itll bust boys. Save 50% off every cheque.
Wonder what happened to that family?
Never move to a boom town! View it as a short term play and save ur money!!
Boom is over.
awesome story
NO CAPTIONING...I can't hear...thumbs down
it always goes bust. There is no rush that continues forever. The problem is the costs in a boom are so great you make more but you also spend more. You cant get ahead you can try and save but its difficult. The end of this is always coming Oil is not
going to be for the long term unless we want winters on the beach and summers where forest fires are all part o f the norm. Oil isnt the answer. This does give some time to look at alternatives. look at possible green energy or even universities or r and d centers. You want to have a fall back
The truck drivers are coming down with carbon monoxide poisoning and I don’t even know it because they have no detectors in their tracks
Backround music junked another video👎🏻💩
Was she driving a Maserati
This downcycle will send a lot of people back home but it will help build a solid long term base of expertise and labor.
Timothy Smith, Petro Lucrum
a Single Family Office
Come to Williston ND we still have good jobs Check out #OilfieldBusinessNetwork
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