AND Oil Price
The price of North Dakota crude oil has continued to trend upward since October 2020. The state revenue forecast was based on a ND crude oil price of $50 for the 2021-23 biennium. Biennium to date, the ND price is averaging about $19 over the forecast price. Every $1 over forecast price will result in approximately $40M additional tax revenues per year, assuming production of 1,100,000 barrels per day. Through February 2022, oil tax revenues exceed the legislative forecast by approximately $300 million.
Click here for a printable version of the revenues compared to the legislative forecast.
Click here for a printable version of the revenues compared to the previous biennium.
Comments or questions? Contact Joe Morrissette, Office of Management and Budget Director.