North Dakota’s state-owned minerals valued at $2.4 billion

State News

FILE – This April 8, 2020, file photo, shows a pump jack near Hobbs, N.M. The Biden administration is planning to sell oil and gas leases on huge tracts of public land in the U.S. West in coming months. (Blake Ovard/The Hobbs Daily News-Sun via AP, File)

BISMARCK, N.D. (AP) — A new analysis of North Dakota’s state-owned minerals is nearly $1 billion more than a similar estimate last year when the coronavirus created uncertainty and low prices and demand for oil declined.

MineralTracker, of Watford, which is part of First International Bank & Trust, estimates the current value of the state’s minerals is $2.4 billion.

Oil prices have rebounded considerably since the 2020 downturn and even exceeded $80 per barrel this fall before dropping in recent days as fears about the omicron coronavirus variant emerged.

Natural gas production is growing at a faster rate than oil production, though oil generally remains the sought-after commodity in the region.

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