|Mars US •4 days||53.11||-1.51|
Key Takeaways. The oil boom from 2010 to 2015 led to rapid growth for North Dakota towns like Watford City and Williston. Boom turned to bust when oil prices fell from more than $100 in 2014 to less than $30 in 2016.
Oil hit $0.01 a barrel before falling to as low as negative $40 and eventually settling at negative $37.63 , the lowest level recorded since the New York Mercantile Exchange began trading oil futures in 1983.
Crude Oil Prices – 70 Year Historical Chart
|Crude Oil Prices – Historical Annual Data|
|Year||Average Closing Price||Year Low|
Factors Leading to the 2020 Oil Price Drop The COVID-19 pandemic triggered an unprecedented demand shock in the oil industry, leading to a historic market collapse in oil prices . Demand for oil cratered as governments around the world shuttered businesses, issued stay-at-home mandates, and restricted travel.
The price of oil rose dramatically from US$50 in early 2007, to a peak of US$147 in July 2008, before plunging to US$34 in December 2008, as the financial crisis of 2007–2008 took hold.
Detailed List Of Highest Paying Jobs In North Dakota
|Rank||Job Title||Average Salary|
|1||General Internal Medicine Physicians||$266,540|
|2||Obstetricians And Gynecologists||$266,010|
|4||Physicians , All Other; And Ophthalmologists, Except Pediatric||$229,550|
The oil- rich Bakken shale formation has made North Dakota the second-largest crude-producing state behind only Texas. The U.S. hit a milestone this year, producing more crude oil than any other country, and North Dakota is a big reason for that.
Brent crude oil prices started strong in 2020 , averaging $64/b in January. 2 But they plummeted in the second quarter, closing as low as around $9/b in April, when the price of West Texas Intermediate (WTI) at Cushing in the United States fell to an unprecedented negative price of around -$37/b.
Oil demand will rebound sharply in 2021, surpassing pre-virus levels, OPEC says. Demand for OPEC-sourced crude oil will recover 25% in 2021 and surpass levels seen in 2019, the global coalition of producers said in a Tuesday report.
There are 1.65 trillion barrels of proven oil reserves in the world as of 2016. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
Crude Oil Brent US Dollars per Barrel
|Date||Price $||Price €|
Oil prices have been forced downward due to major influences from both the demand and supply sides. Demand for crude oil and petroleum fuels has fallen worldwide because of the coronavirus pandemic, nowhere more so than in China. The resulting war for market share has flooded the world with oil .
Lower oil prices mean less drilling and exploration activity because most of the new oil driving the economic activity is unconventional and has a higher cost per barrel than a conventional source of oil . Less activity can lead to layoffs which can hurt the local businesses that catered to these workers.