January 3, 2019
The bottom of the barrel
County feeling impact of plummeting oil prices
BY ALYSSA MEIER
BHG News Service
Even though McLean County sits on the very edge of Bakken country, not breaking the top ten for North Dakota’s oil producing counties, it is feeling the brunt of oil prices that continue to drop.
County Auditor Les Korgel told McLean County Commissioners this month that WTI crude oil had dropped below $50 a barrel, hitting the $45 mark late last week. North Dakota light sweet oil was also falling from $59 a barrel in September to around $23 early this week.
With a seventh of the county’s annual revenue coming from oil and gas production, Korgel said the figures were something to watch. Korgel said the 2019 budget anticipated $720,000 in oil and gas revenue. If prices didn’t rebound, that number could be closer to $300,000.
County Auditor Les Korgel told McLean County Commissioners this month that WTI crude oil had dropped below $50 a barrel, hitting the $45 mark late last week. North Dakota light sweet oil was also falling from $59 a barrel in September to around $23 early this week.
With a seventh of the county’s annual revenue coming from oil and gas production, Korgel said the figures were something to watch. Korgel said the 2019 budget anticipated $720,000 in oil and gas revenue. If prices didn’t rebound, that number could be closer to $300,000.
