BISMARCK, N.D. (AP) — North Dakota’s oil and gas tax collections are running 25 percent above forecast due to rebounding crude prices.
A report by the Legislature’s research arm shows North Dakota’s oil and gas revenue is $1.6 billion for the state’s current two-year budget cycle that began in July. That’s $323 million more than initial estimates.
Legislative Council’s report was presented Thursday to a panel of lawmakers, Tax Commissioner Ryan Rauschenberger, Bank of North Dakota President Eric Hardmeyer and state budget director Joe Morrissette.
Oil prices are a key contributor to the state’s wealth. The state had predicted oil production at less than 1 million barrels daily, at $47 a barrel.
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North Dakota sweet crude was fetching about $20 more than that on Thursday, and oil production has topped 1.1 million barrels daily.