Yes, you read it right, there is an oil boom. Oil was newly discovered in North Dakota, South Dakota, Iowa, and Colorado through a process called fracking, in which the ground is shaken to force oil and natural gases onto the surface. It is suspected that there is more oil there than there is in Saudi Arabia. Because of this oil boom, we now have a surplus of oil; So much in fact, that it is believed that there’s enough for at least 100 years. Last year for the first time since 1961, the US exported more oil than we imported. So why is it that we are still paying $3.75 for gas? President Obama canceled the construction of an additional pipeline to protect the environment and its wild life.
- Oil boom brings scarcity of workers in small towns (amarillo.com)
- The fracking boom in North Dakota has just a few years to go (mining.com)
- Video: North Dakota oil boom fuels change (cbsnews.com)
- N.D. oil boom highlights price of prosperity (cbsnews.com)