North Dakota’s Bakken Field Hockey Stick
I spent a lot of time in North Dakota and Montana for my old job, and I never would’ve thought that there was so much oil/gas activity up there. Unless you’ve been living under a rock, North Dakota is experiencing an oil boom because of a geological feature called the Bakken Formation. With the advances in horizontal drilling and oil extraction (e.g. hydraulic facturing), oil companies have transformed North Dakota into the second largest oil producer in the country.
It’s great for jobs, it’s great for the economy, but in some cases not so good for the environment and quality of life in North Dakota. I took some data from the Wikipedia page about monthly barrel of oil (BBL) production since 1954 to 2013 and cleaned it up in Rapidminer. When you aggregate the BBL production on a yearly basis, you can see a beautiful hockey stick formation, also know as a parabolic move if it was a stock. From previous history we all know that when there is a boom, there is a bust, it’s just a question of when.
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