ND Senate leader keeping an eye on oil prices

Jan 29, 2018

Activity is increasing in the oil patch – as oil prices have rebounded.

But Sen.Majority Leader Rich Wardner (R-Dickinson) said he’s still being very cautious about the recovery in the Bakken.

Wardner said right now, it looks positive.

"However, you never know about the price of oil," Wardner said. "I'm really concerned that we may be over-supplied again, and drive the price down."

Wardner said prices are up because OPEC has decided to to throttle back on oil production.

"As long as OPEC continues to control production, I think we're all right," Wardner said. "But you never know when they might change their mind."

That's why he's keeping an eye on prices.

"We can't just say, 'Oh, everything is going to be rosy, and we'll get more revenue," Wardner said. "It could happen. But it could also end abruptly if OPEC decides to dump a lot of oil on the world market."

Wardner said the state is not in a position to – as he put it – “count the chickens before they hatch.”