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Economists at North Dakota State University have calculated the annual economic impact of the Bakken Field development and came up with $13 billion for 2009 – and a lot of growth has occurred since then. For a people used to dealing in thousands, and sometimes millions, talk about billions is impressive.

But our euphoric daze should not blind us to the reality of oil development.

The oil industry is not in North Dakota because it saw a state in need of an economic boost. Neither is it here because our tax revenue has always been short. And it is not here to provide new jobs and more population for a sparsely-populated semi-arid west.

The oil industry is here because it can make billions of dollars mining our resources. And let us not forget that while North Dakota is prospering from the oil development, the oil industry is profiting even more.

When oil exploration and production ceases to be profitable, the oil industry will pack up and leave us with the consequences, whatever they may be. Even though the industry is raking in billions, some oil executives are looking for a reduction in taxes.