Effects of The Boom
The technological changes have caused a tenfold increase in the price of oil leases, which are often made for 3 or 5 year terms. But the leases typically don't run out if an oil company starts drilling, which results in a huge push to commence drilling on as many as possible before they expire. The resulting sudden boom has reduced unemployment and given the state of North Dakota a billion-dollar budget surplus. But the industrialization and population boom has also put a strain on water supplies, sewage systems, and government services of the small towns and ranches in the area.
Read more about this topic: Bakken Formation
Famous quotes containing the words effects of, effects and/or boom:
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