The Million Dollar Way (The Bakken Oil Blog): Week 8: February 17, 2019 -- February 23, 2019

Saturday, February 23, 2019

Week 8: February 17, 2019 -- February 23, 2019

Top international story: quiet.

Top international energy story: off-shore Brazilian heavy oil could make up shortfall;

Runner-up: Saudi continues to cut production;

Others:

Canadian National Energy Board recommends the federal government approve the TransMountain pipeline.
Alberta will increase CBR;

Top national story: initial unemployment claims drop a stunning 23,000; Dow back to 26,000;

Top national energy story: US crude oil exports hit all-time record; and, here; US hits production record of 12 million bopd;

Runner-up: US CAPEX falling but US crude oil production will continue to climb; and, here;

Geoff Simon's top North Dakota energy stories:

Quick Take quickly defeated.

The North Dakota House killed a bill that would have required a negotiation process before the state or a political subdivision used quick take eminent domain to acquire private property. The bill received a "do-pass" recommendation from the House Judiciary Committee, but the full House defeated it, 64 - 26. Rep. Denton Zubke, R-Watford City, opposed the bill. Zubke said the measure would add at least 90 days to the condemnation process, which defeats the purpose of quick take. Okay.

ND Senate passes tribal oil tax bill.

A new plan for sharing tax revenue from oil produced on the Fort Berthold Reservation passed the Senate this week on a 40-5 vote and is now headed to the House where leaders have already voiced support for the bill. SB 2312 would change the current 50-50 tax split between the state and the Three Affiliated Tribes so that 80 percent of the tax from new wells on trust lands would go to the tribe and 20 percent would go to the state. The shares would be the opposite on fee land, with 80 percent going to the state and 20 percent to the tribe. The primary sponsor of the legislation is Senator Jordan Kannianen, R-Stanley. Wow, nothing subtle about this.

ND economy, ranked #2 in the US in 2019:

Not only did North Dakota grab the No. 2 spot for healthiest economy in the U.S. for 2019, the state achieved the single greatest improvement in economic performance of all 50 states over the last 10-year period leaping from the 17th position in 2009 to second in 2019.

The nationwide study was published by the Ohio Alliance for Innovation in Population Health using information compiled by the Appalachian Regional Commission. The rankings are determined by unemployment rate, per capita market income and poverty rate averaged over three years and compared to national averages.

According to the study, New Hampshire claimed the number one spot for healthiest economy followed by North Dakota. Hawaii was third, Nebraska fourth, and Minnesota was fifth.