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Published March 13, 2013, 11:44 AM

Study: Oil industry economic impact pegged at $30B

BISMARCK, N.D. (AP) — A North Dakota State University study says the economic impact of the state's oil industry increased nearly sevenfold in terms of dollars between 2005 and 2011.

BISMARCK, N.D. (AP) — A North Dakota State University study says the economic impact of the state's oil industry increased nearly sevenfold in terms of dollars between 2005 and 2011.

The study released Wednesday puts the value of oil and gas production, exploration, refining, payroll and other activity at $30.4 billion in 2011. That's up from $4.4 billion in 2005.

The North Dakota Petroleum Council commissioned the NDSU study at a cost of about $30,000.

The report says the oil industry accounted for nearly 41,000 full-time jobs in 2011, or about 9 percent of the state's workforce. The study estimated the oil industry accounted for only about 5,000 jobs in 2005.

The study estimates that every dollar spent in the state by the oil industry in 2011 generated $1.59 of business activity.

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