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.