Interview: Dean Bangsund, research scientist, North Dakota State University
Building the Bakken Radio Episode 3 Segment 4: Bakken Economy
Dean Bangsund, research scientist, North Dakota State University said one of the big issues in the Bakken is projecting long term employment. They have been collecting data to understand the employment trends and what to project into the future. Bangsund said their study has created a model to be dynamic with the oil and gas industry which produces non traditional workers.
He then said once they figure out those workers, they have to layer in the secondary jobs or service jobs. Bangsund added, oil and gas are not the only industries in the state and the third layer was to add in the other industries.
Bangsund worked with private companies and public organizations to acquire financial data, spending and other information needed for the study. Bangsund said the results were “staggering.”
When asked for an example or to define “staggering,” he said the development associated with the Shale drilling is up 1000% percent and the industry as a whole has increase 500% from 2005 -2011.
Bangsund said from his research the oil and gas industry is one of the top industries in the state is not going to slow down anytime soon.
When asked about comparing historical data, Bangsund said the oil boom and bust from the 80′s is historical by today’s standards. He said the boom and bust of the 80′s was driven by a completely different economic factors.
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