I’ve been in several communities in the past six months that are experiencing the ‘boomtown’ affects of $50+/barrel oil. One of those was in ND, famous for its Williston Basin. I’ve counseled several of these areas to figure out a way to tap into this newfound wealth while the oil profits are still flowing, so that they don’t look back with regret when the boom comes to an end.
ND recently passed legislation to do just that. The state will borrow $20 million from the Bank of North Dakota, to be used for the establishment of “centers of excellence” at ND colleges which provide grant money for new business projects that are hatched on these campuses. The money will be repaid from a state oil tax fund that is swelling because of the higher oil prices.
It’s a great way to perpetuate economic activity in ND, hopefully for generations into the future when the oil pumps have stopped pumping.
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