It’s an enviable position for a state’s government—not only to be rolling in dough but having more dough to roll in than your wildest dreams.
The state of North Dakota, which began contributing to its newly-created Legacy Trust Fund from oil and gas taxes in July 2011, has already exceeded by 63% its initial target of having $618 million in its coffers by mid-2013—thanks to the state’s seemingly bottomless Bakken Shale oil field.
The Fund, which collects 30% of the state’s oil and gas revenues, is now tilting toward a revised target of $1.2 billion by this July. As of February 28, the Fund contained $1,005,676,512.
From the projected $1.2 billion target as of June 30, 2013, state officials now project the Fund to contain $2.983 billion exactly two years later.$3 billion - $1 billion = $2 billion "exactly two years later." Hmmmm....$1 billion/year. It took two years to get to the first $1 billion. Now it's $1 billion/year.