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North Dakota's oil tax will likely be back to 10 percent, effective Nov. 1

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It appears North Dakota’s oil tax will go back to 10 percent on November first.

The tax went to 11 percent in June, because the price of oil went above a “trigger price” of $94.69 per barrel for three consecutive months – March, April and May. The price was above $100 per barrel.

But now, the price has dropped.

"Oil is in that $86 to $87 range," said North Dakota Tax Commissioner Brian Kroshus. "Through October, it's averaging close to $87, through the first 19 days."

Kroshus said for that trigger to not go off, oil would have to average $107 per barrel for the last days of the month of October. He said while that’s unlikely, world events could change that equation.

Kroshus said the extra one percent meant $120 million in additional revenue through October.

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