(AP) – Record oil production is pushing state revenue ahead of expectations for the first several months of the state’s two-year budget cycle.
North Dakota budget director Joe Morrissette says revenue is up 7.6 percent, or about $121.6 million, over projections. Oil production in North Dakota is about 1.5 million barrels daily.
The state has, so far, collected more than $1.25 billion in oil tax revenue for the current budget cycle, or about 4 percent more than projected.
Data show oil production is running about 5 percent ahead of projections, while prices are running about 4 percent higher than forecast.