CNBC Interviews Bakken Fund Manager From Fargo, North Carolina

At 10:22 -- CNBC attempted live interview with Bakken fund, Williston Basis Mid-North America Fund (ICPAX) which is up 17% this year. Bakken-based fund.

From Fargo, North Carolina. That's what CNBC host said, "Fargo, North Carolina."

There was a glitch; unable to get audio, so no interview.

Now able to connect.

The Bakken is obviously not on Wall Street's radar scope, yet. Not even sure where the Bakken is.

Robert Walstad, CEO.

Best stocks:

Oil exploration

Oil services

Pipeline

Refineries

Well, duh.

Best stocks:

• EOG, CLR, WLL -- all equal; own each one of them

Demand destruction? How resilient?
Several of these companies will keep on drilling, even with prices as low as $50.

At least Walstad pronounces the Bakken relatively correctly. The CNBC anchor's British accent of the "Bakken" made it difficult to understand what he was saying.

***********

From interview directly to oil inventories.

"Unexpected drop in crude oil supplies."

Crude oil inventories down 2.3 million bbls; gasoline down 1.6 million barrels. Hmmm....I understand gasoline supplies going down as refineries cut back due to demand destruction at this prices, but I find it interesting that crude oil supplies have come down so much in the past three reporting periods (the past three weeks).

Next talking head says "demand destruction" won't occur until late 2Q11 or 3Q11; not sooner because driving season about ready to start. Remember, another $10 price rise in oil is only 25 cents/gallon gasoline.  He expects another $5 to $10 rise in oil price.