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Prior to the Dakota Access Pipeline, light sweet crude oil from the Bakken Formation was transported mainly by rail during the North Dakota oil boom. [4] [5] Extraction from the area increased from 309,000 barrels a day in 2010 to more than 1 million in 2014, with insufficient pipeline infrastructure to transport the increased extraction. [5]
The North Dakota Department of Natural Resources estimated overall break-even to be just below US$40 per barrel. An analyst for Wood Mackenzie said that the overall break-even price was US$62/barrel, but in high-productivity areas such as the Sanish Field and the Parshall Oil Field, the break-even price was US$38–US$40 per barrel. [15]
Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide. High-quality, low-sulfur crude oil is commonly used for processing into gasoline and is in high demand, particularly in industrialized nations. Light sweet crude oil is the most sought-after version of crude oil as it contains a disproportionately large fraction that ...
Brent crude futures rose to $74.60 a barrel on Tuesday and US West Texas Intermediate crude was up at $71.66 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.1%. For the year ...
By March 30, 2020, the price of WCS bitumen-blend crude was US$3.82 per barrel. [55] In April 2020 the price briefly fell below zero, along with WTI, due to collapsing demand caused by the COVID-19 pandemic. [56] [57] In June, the Western Canadian Select (WCS) benchmark price averaged $64.35 per barrel, which was closely aligned with the year ...
Night view of H&P drilling the Bakken. The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of the Parshall Oil Field in 2006, and peaked in 2012, [1] [2] but with substantially less growth noted since 2015 due to a global decline in oil prices.
The Mandan Refinery is the largest oil refinery in North Dakota, located within the northeastern corner of the city limits of Mandan, ND just north off Exit 153 of Interstate 94. As of 2022 it has a capacity of 76,000 barrels (12,100 m 3) per day. [1] The facility is owned by Marathon Petroleum.
Two pipeline operators have agreed to pay a $12.5 million civil penalty related to crude oil spills in Montana and North Dakota. Belle Fourche Pipeline Company and Bridger Pipeline LLC will pay ...