How Big is the Bakken?

The state of North Dakota is collecting as much in oil taxes in a month now as it was in a biennium just a few years ago.

That's according to  Sen. Connie Triplett, D-Grand Forks, during a discussion among state legislators regarding a ballot initiative, Measure 1, in the upcoming November, 2010, election.

A biennium is two years.

I don't have a dog in this fight but it will be interesting to follow. To me, it's a no-brainer, but we all have different world views. Some people save; others invest; some spend. I'm glad Measure 1 is on the ballot. 

On another note: the fact that North Dakota is collecting as much in oil taxes in one month as it used to in two years is a number that I cannot get my arms around. I don't think many North Dakotans really grasp the incredible amounts of tax revenue that is being generated. I know I can't. In fact, my gut feeling is that regardless how Measure 1 fares, the issue will take care of itself over the next few years.

The legislature would be wise to start putting together some shovel-ready projects for all that cash.