For The Archives -- The 2014 Crude Oil Price Slump

For the archives. These numbers/dates will be important for the following events/data points:

• 4Q14 earnings
• 4Q14 North Dakota Legacy Fund contributions
• 4Q14 sales tax receipts
• end-of-year ND Legacy Fund

The numbers/dates could be important for the following data points:

• active rig count 1Q15
• location of rigs in 1Q15

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The Slump

Spot cash price for WTI at Cushing. Data source: EIA

• July 30, 2014: $104
• July 31, 2014: $98
• August 14, 2014: $95
• Oct 3, 2104: $90
• Oct 22, 2014: $80

I suppose, for the 30-second sound bite, we can say the slump began October 1, 2014. Nice date. End of 3Q14/beginning of 4Q14. 

Remember: the North Dakota Bakken boom began in 2007.