Organizer Jeff Zarling said that 5,000 may not be the magic number, but the theme was designed to convey the magnitude of the oil boom on western North Dakota’s housing needs to stakeholders around the country.I have nothing to say. I am overwhelmed. Okay, I will say something. I wonder if the analysis is built on 150 billion bbls of original oil in place (OOIP), 300 million bbls, or 900 million bbls.
Peter Elzi, principal of THK Associates, who does market feasibility work for builders and developers, told attendees that Williston has an immediate need for 7,000 homes.
Over the next decade, Williston will need about 25,000 homes, said Elzi, whose Colorado firm has been working in the Bakken for two years.
More than 350 people from 33 states are attending the sold-out summit [being held in Williston], representing developers, builders, investors and others in the construction industry.
Thursday, May 17, 2012
7,000 More Homes Needed in Williston, North Dakota -- Conference Speaker -- The Heart of the Bakken
Link here to the Dickinson Press.
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Seems that most people in ND believe the Bakken boom will bust some time soon.
ReplyDeleteWhile it is possible, the whole crude oil market would have to go bust.
What they don't seem to understand is that the Bakken is really a technology paradigm shift, unlike anything most of the country vhas seen.
The biggest danger to Williston is that shale plays flood the crude market by late in the decade.
Thank you for a great comment.
DeleteYou have said it better than I have: for the Bakken boom to go bust, the entire crude oil market would have to go bust.
One year ago I would have had to add one caveat: if the government banned, completely banned, hydraulic fracturing in the US, the boom would have ended. There are still some issues with fracturing and state and federal governments are looking at ways to use fear of fracturing to enrich their coffers.
Folks seem to forget:
North Dakota: few terrorist events compared to Saudi's risk.
North Dakota: unlikely to participate in a shooting war with neighbors
Bakken: sweet, light oil; Saudi: heavier, dirtier
Saudi perceived to play major role in price of oil: favors $100 oil
Bakken price point vs Canadian oil sands: advantage -- Bakken, by about $20 to $40
Potential projections of the Bakken are increasing, not decreasing
and the list goes on and on.