KX News has started a week-long series on the oil industry in North Dakota.  The first post discusses how the oil industry affects North Dakota, including how the state gets revenue from oil production and where that money goes.  Right now, most of the new oil production is in the northwestern portion of the state in the Bakken formation.

Some highlights from the article:

• The state gets tax revenue on every barrel of oil produced
• Because of the current oil boom, 10-15 percent of the general fund money comes from oil production.  It used to only be around three percent.
• The first $71 million from oil production goes to the general fund.  The rest goes to a trust fund to save for times when the state isn’t getting so much money from oil.  The obligation to the general fund was filled before a quarter of this biennium was over.
• Oil production since last July is around $300 million, twice what it was the year before.

The post contains more information and quotes from Gov. Hoeven, state Representative Weiler, Pam Sharp of the Office of Management and Budget, and Ron Ness of the North Dakota Petroleum Council.