Wednesday, August 24, 2011

Extraordinary North Dakota: Leading the Nation

Mad Money's effervescent Jim Cramer bubbled over the top tonight describing his North Dakota adventure, going "boots on the ground in the badlands" reviewing the booming economic conditions in this often overlooked state. Already the fourth largest oil player in the country, it's still in the early innings, Cramer boomed, after removing his roughneck coveralls and hard hat.
Cramer softballed the North Dakota governor Jack Dalrymple with questions about what North Dakota could teach the rest of the nation. "This state is at the heart of the oil revolution that could make this country self-sufficient," Cramer prompted. It leads the nation in just about every prosperity measure. The governor didn't disagree. The state is pumping millions into infrastructure, has low unemployment, low taxes, cheap power, a surplus and a severe shortage of housing.
Also appearing on the show were top executives of Continental Resources and Halliburton, as well as Boone Pickens himself, who just wants America to be energy-self-sufficient. As they spoke, massive oil pump jacks nodded up and down in the background, appearing to agree with everything that was said.
"It's as big as we're saying it is," boasted the Continental chief.
If you want a job, you can get one, if you're willing to live in a "man camp." "But don't come if you don't know how to work hard," Pickens warned. Yes. They work hard in North Dakota. We know that from personal experience. It takes 50 men to run and support each oil rig installation. Continental sank 2300 new wells last year. Only 15 percent of the potential has been tapped.
The resource has been known for years, but only recently technology has made it possible to tap it fully. "We broke the code," one executive said.
The show appeared a bit short on local wisemen. Our interview candidate would be our Cousin Harold Rolfsrud, local rancher/farmer/oilman and sage who always has plenty to say. He's in this Rolfsrud home movie talkin' about the Bakken. We don't know if Harold was invited for a guest shot because the show was cut off in mid-sentence and preempted for "Breaking News" when Apple CEO Steve Jobs announced his resignation. They just yanked Cramer's North Dakota plug and returned to the studios in New York.
Yeah. Sometimes it seems North Dakota just don't get no respect.
Looks like that's about to change.