Want to Solve Our Economic Woes? Just Add Oil

As an internet marketer, I can work just about anywhere in the world, regardless of the current economy, and make a decent living. All I require is a dependable Internet connection. Not everyone is so fortunate. Local economies directly affect the employment and livelihood of residents. When supporting one’s family hinges on the ups and downs of a brick-and-mortar business, options are limited for that employee.  Many families are feeling the effect of this as they lose jobs, homes, financial reputations and peace of mind.

And so, it is not too difficult to see why many are heading to the oil fields in North Dakota. Along with firearm, gardening and survival supply businesses, this is one of the few industries in the US that is booming and actually creating jobs in this troubled economy.  Many have chosen to relocate temporarily, knowing that the work they are able to do for three to five years could be enough to pay off home mortgages and grant them room to breathe financially.

It’s interesting that politicians of all persuasions in Washington D.C. profess to see the national security and economic implications of energy, especially dependence on foreign oil. However, it’s one of the country’s least-populated states that is really doing anything about it. If each state, in addition to the federal government, followed the lead of North Dakota, the country would probably bounce out of this economic malaise faster than Iran can pump a tanker full of crude oil.

In case you haven’t been following the story, analysts predict that, largely due to exploiting shale oil reserves like North Dakota’s Bakken Formation, the United States has the potential to be the world’s leading oil producer in another five years. Even so, the federal government’s permitting process is proving to be a lot more difficult to negotiate than North Dakota’s process. Drillers get permits within 10 days in North Dakota. On federal lands, the process takes over 300 days and, to the detriment of United States independence, the number of permits granted has gone down in recent years.

This is unfortunate, if not downright tragic, because it means that other areas of the country could be enjoying the same kind of positive economic growth as that being experienced in areas like Williston, North Dakota, the epicenter of the oil shale boom.

The economic benefits stretch far beyond the oil fields themselves. All of the support industries are also growing. Enterprising and creative solutions to housing are being developed. Jobs are cropping up in every sector. History teaches us that the housing industry often leads the country out of economic downturns. Can you imagine how the economy would benefit if other areas of the country had to create new housing as quickly as North Dakota has been doing in order to provide its new workers and job seekers with places to live?

 

The Great American Oil Rush - The economic impact of North Dakota's Bakken oil boom.

Carrie

Carrie

Carrie is a country girl living in the Blue Ridge Mountains of Virginia. When not working for her family's internet marketing firm, RYP Marketing, you can find Carrie reading, hiking, biking, shooting at the range or catching up on the latest news. You can contact Carrie via email at carrie@rypmarketing.com.

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