Don’t Believe the Propaganda… This Golden Goose is Dead
caseyresearch.com / Justin Spittler / October 14, 2015
This once-booming oil town is quickly turning into a ghost town…
If you follow the oil market, you may have heard of Williston, North Dakota. It’s small…home to just about 30,000 people. And it’s in the middle of nowhere…about an hour south of the U.S.-Canada border. But it’s also right in the thick of the Bakken Formation…
The Bakken is the second largest oil patch in the United States. It covers 200,000 square miles, making it about 20% bigger than the state of California. It holds an estimated 400 billion barrels of oil.
Oil companies have known about the Bakken’s rich oil supply for decades, but until recently, it wasn’t economical to drill for it. That’s because oil in the Bakken is trapped deep within rocks. It’s called “shale oil,” and it’s much more expensive to drill for than conventional oil.
But a few years ago, rapid advances in drilling technology and high oil prices made it economical to drill for shale oil. This triggered a huge U.S. energy boom.
• Oil companies flocked to Williston to drill the Bakken…
Workers followed in search of fat paychecks. The town’s economy exploded.
At the peak of the boom, starting pay for oil workers topped $100,000 per year. Even local fast food workers in the region were making good money, as E.B. Tucker explained in the August issue of The Casey Report:
Starting pay for fast food workers in Williston was $20 an hour…175% above the federal minimum wage. Plus an immediate $500 signing bonus. Plus benefits. That translates into $40,000 over the course of a year.
From July 2010 to July 2013, Williston was the fastest growing town in the country. Soon, there were more oil workers in Williston than beds to sleep in.
The post Don’t Believe the Propaganda… This Golden Goose is Dead appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/10/15/dont-believe-the-propaganda-this-golden-goose-is-dead/
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