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Dec 3, 2014
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North Dakota governor’s budget bets on oil price rebound

By Ernest Scheyder

(Reuters) – North Dakota Governor Jack Dalrymple proposed a two-year state budget on Wednesday that forecasts rebounding oil prices and a 23 percent jump in oil taxes, a tacit bet the state’s energy boom will continue unabated.

Oil prices have dropped more than 30 percent since June amidst global oversupply and demand concerns. Last week OPEC opted not to cut its oil production, a step seen by many as designed to squeeze North Dakota and other oil-producing regions of the United States.

Dec 3, 2014