BISMARCK, N.D. (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%, or about $121.6 million, over the 2019 forecast for the two-year budget cycle that began July 1.
Oil production in North Dakota is at about 1.5 million barrels daily.
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The Bismarck Tribune reports state has so far collected more than $1.25 billion in oil tax revenue for the current budget cycle, or about 4% more than projected.
Data show oil production is running about 5% ahead of projections, while prices are running about 4% higher than forecast.
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