WILLISTON, ND – “I don’t think that anyone understands what’s going on in Williston, North Dakota, and the stories are just unbelievable,” said Brian Shactman of CNBC News. “Wherever you stand on the oil issue and the environmental issue, real people that need jobs are getting jobs and not just affecting people in North Dakota.”
In addition to jobs, “people are nice out here,” Shactman said. “The development people are smart,” he said, pointing to the fact that housing developers are working hard to plan and build communities, not just quick fix housing units.
Shactman,a national reporter, told guest host Eugene Graner on the Scott Hennen Show this afternoon that while he prides himself in finding things out, he was still very surprised by the level of activity in the Williston Basin.
“The industry is doing whatever they can to mitigate the [environmental] risk [of fracking fluids],” Shactman observed, noting that he was not trying to make any political statement on the issue. “I can guarantee you that every single company out here that has enough money is also researching what ways they can do it in a more organic way. They want to be able to continue working out here…There’s just too much oil here and too much in profits.”
With the high level of profits, a lot of money is pouring into technological innovations. Progress is definitely being made. Continental Resources, the top investor in the Bakken, has developed the Eco-Pad, a platform for drilling up to eight different wells across a two mile square area from a single point, a process which is significantly lessening surface impact.
This spring, the North Dakota legislature passed a law stating that hydraulic fracturing (fracking) is an acceptable technology to employ in the recovery of natural resources in the state, and that no law may seek to impede or ban its use.
The Bakken will be featured today and tomorrow on CNBC’s Mad Money show with Jim Cramer.