A Picture of America’s Huge Oil Boom
America’s domestic oil business is booming. For proof, look at today’s chart of Continental Resources (CLR)…
Regular DailyWealth readers know how new advancements in drilling technology have created a boom in domestic U.S. energy production. The “poster child” of this boom is North Dakota and its enormous “Bakken Formation.” The Bakken is a large rock layer underneath North Dakota and parts of Canada.
#-ad_banner-#Geologists have known the Bakken holds oil and natural gas for decades. But it’s taken new drilling technology to “unlock” these resources. Now, we’ve unlocked so much oil that North Dakota is on pace to become the second-largest oil-producing state in the U.S. (just behind Texas). The state’s economy is booming, and unemployment is the lowest in the nation.
You can see this big trend at work through CLR shares. The mid-cap energy firm holds the largest acreage position in the Bakken… and it is one of its largest producers. CLR’s Bakken success has caused the stock to more than double in the past two years… and strike a fresh 52-week high. Looking for the next “hot” resource-producing country? Look no further than the U.S.A.