The July and August oil and gas report is in, and the production of both are up. The downfall: oil prices sincerely struggled over the summer months.
Lynn Helms, Director of the North Dakota Department of Mineral Resources, said the two main causes of the low prices are coming from outside the U.S.
He attributed the fall to a lack of world economic growth, particularly in Europe, which he said is in a possible recession. The second factor is that manufacturing is down in China, because of trade disputes with the U.S.
And, oil exports from North Dakota to the East coast also suffered after a June fire at a Philadelphia refinery. While this may not be the sole cause, exports to the East coast dropped by 67,000 barrels from May to July.
As for International energy company Halliburton laying off 650 workers, Helms said North Dakota was least affected.
He said, “There were a few jobs in Dickinson lost to that, but no lay-offs in Williston, which is where their big frack fleet is located.”
When asked how many employees in Dickinson were laid off, Helms could not give us an exact number.