For those that do not know, this is the name of the Fed’s regional condition summary (available here). The Ninth District summary (which includes North Dakota) concludes that economic performance is mixed. Strength came from manufacturing, energy and mining, consumers, and a few others. The weaker sectors included construction, farming and real estate.
Time to bore the readers with numbers. I was on Al-Jazeera in America last week talking with Ali Velshi regarding North Dakota’s energy sector. I have to admit that a live television interview was really exciting. Let’s get on with the numbers though.
The shale oil expansion began in North Dakota, and the expansion of oil output in the U.S. has been nothing short of revolutionary. However, I think it is time to recognize that the fanciful notion of “energy independence” is less and less likely to happen, if it ever really had a chance. We are surely less dependent on foreign oil as the graph shows, but it is not clear that it is going to go to zero anytime soon, if ever.