For the state of North Dakota: revenue from oil extraction and production taxes will exceed $530 million this year and may reach $1 billion after next year.
This story was printed in the Bismarck Tribune.com earlier this spring. I missed it then; interesting enough to post it now.
North Dakota is projected to have an $800 million surplus at the end of the two-year cycle (ended July 31, 2010). North Dakota received $600 million from the federal government as part of the stimulus program, much of it for infrastructure.
I used to think that the budget surplus was all due to the oil industry, but it appears I am wrong, to some extent. Back in 1990 there was this story from the Federal Reserve Bank of Minneapolis in which North Dakota was singled out as one of the few states with a budget surplus even back then. The surplus was $100 million at the time. However, then, too, much of the money was due to higher oil prices and a fairly robust oil industry.
Money, Money, Money, Mike and Xenia, Karaoke
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