Cost Of Living In North Dakota Oil Fields. Western north dakota is the center of a major oil boom and has one of the lowest unemployment rates in the country. A gas flare is seen at an oil.
The north dakota oil boom refers to the period of rapidly expanding oil extraction from the bakken formation in the state of north dakota that lasted from the discovery of parshall oil field in 2006, and peaked in 2012, but with substantially less growth noted since 2015 due to a global decline in oil prices. Companies used to need oil prices to be up around $90 a barrel to make a profit drilling into the bakken shale formation deep underground, says. Click here to access the north dakota dmr's oil and gas map.