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'The oil boom in the Bakken has not busted' according to ND petroleum council president

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Moorhead, MN (WDAY TV) - Then oil boom in the Bakken has not busted, according to the President of the North Dakota Petroleum Council, Ron Ness.

He addressed Fargo-Moorhead-West Fargo chamber members this morning for an update on declining production, on Tuesday.

As of this morning there are 58 rigs currently drilling.

Last year at this time, there were 186.

"The question is, 'is the great big bust coming?' This is not a bust. This is a market correction. A much deeper market correction than what we saw, but it's so much different from what we saw in the 80s," said Ness.

Ness also says he doesn't think the number of drilling rigs is a good measure of oil production anymore since the rigs can drill more wells in a shorter amount of time.

He says the number of completed wells is more telling – that number is currently at 13,000.