Oil and gas have massive economic impact in ND
BISMARCK, N.D. (KFYR) - North Dakota State University researchers have determined the economic impact the oil and gas industry has on the state of North Dakota. Spoiler alert: it’s significant.
Based on data from 2021, oil and gas make up about 30% of the gross state product and 29% of the state’s gross business volume. And oil and gas taxes contribute $3.8 billion to state and local government revenues.
“We don’t have anywhere close to another industry in this state that generates that type of tax revenue for North Dakota. And as the governor mentioned, that enables this state to have opportunities for investment that few other states enjoy,” said Dean Bangsund, a research scientist for NDSU.
The oil and gas industry employs almost 50,000 people in North Dakota. That works out to about $3.9 billion per year in wages, salaries, and employment benefits.
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