While the rest of America may live in economic times that lean toward the Great Depression, citizens of Williston, N.D. are living in an era that reflects the Roaring ‘20s.
“A multimillion-dollar recreation center, multimillion-dollar expansions on our medical activities, 200-acre retail commercial district ... and more will be breaking ground shortly,” said Tom Rolfstad, executive director of Williston Economic Development.
According to the Bakken Shale report of October 2011, North Dakota produced a record 444,142 barrels of oil per day this past August. One barrel equals 42 gallons.
“Our tax collections are tremendous right now because of our economic activity,” said Rolfstad.
The multimillion-dollar recreation center, to be completed this spring, was funded through a one-cent tax, according to Rolfstad. For every dollar spent, one cent goes to tax.
“Should this economic [oil] engine falter ... a 1 percent tax would still be sufficient to continue park district operations,” according to the Williston Parks and Recreation website.
The town is flourishing from the Bakken Shale reservoirs. The oil was discovered in 1951, but no extractions have been made until recent years. According to the U.S. Geological Survey in 2008, the estimated recoverable oil from Bakken is from 3.0 to 4.3 billion barrels.
It is yet to be determined if the area in the upper part of the Bakken Shale, known as the Three Forks Zone, is a separate oil reservoir or a part of the Bakken.
“If the Three Forks is a separate reservoir, it could hold as much if not more than the Bakken Shale,” according to the Williston Bakken website. Several oil companies have discovered positive results from the Thee Forks Zone.
“With the current extraction, you are looking at 20 years [worth of oil]. ... It is still unknown how much is recoverable in the Bakken,” Rolfstad said.
“It can get a lot higher once things are figured out,” he said.
