The Single State of North Dakota Now Producing as Much Oil as Venezuela

Well, this is interesting.  North Dakota now produces as much oil as Venezuela…  sometimes producing in one day as much as Venezuela produces in a month.

The Daily Caller has the story:

While Venezuela continues to falter under its socialist regime, North Dakota continues its historic rise in crude oil production. The sparsely populated midwestern state churned out 1.27 million barrels a day in July, according to data reported by Bloomberg. This is approximately the same level of production seen in Venezuela during the same month.

The numbers provide a snapshot of how much the industry landscape has evolved in the two places.

Much like other regions in the United States, North Dakota has experienced a shale oil boom in recent years. The advent of hydraulic fracturing has allowed North Dakota — home of the Bakken shale play — to produce oil at rates four times greater than its previous peak set in the 1980s. The state is now second only to Texas in oil production and enjoys the lowest unemployment rate in the country.

Texas better watch out, because North Dakota is on their heels.

I guess the fact that one, single solitary state is dominating Venezuela should come as no surprise, when you think about the basic underlying economic principles involved.  Here’s a primer.

North Dakota = Capitalism.  

Venezuela = Socialism.

North Dakota = Oil Industry Booming.  Lowest unemployment in the U.S. 

Venezuela = Oil production collapsing.   Society collapsing.  People eating pets to survive.

The U.S. is blowing through all previous oil production records: the U.S. is now the top crude oil producer in the world.  At the same time, Venezuela’s output is plummeting…  even though it sits atop more oil reserves than any other member of Organization of the Petroleum Exporting Countries.

What part of “Socialism is Bad” don’t the leftists in America understand?

Hat Tip: Daily Caller

Image Credit: Tony Webster

The DAPL (Dakota Access Pipeline) being installed between farms, as seen from 50th Avenue in New Salem, North Dakota.