As a member of The Northern Tier Federal Credit Union Supervisory Committee I receive a regional Credit Union eNews Letter.
An article by Trevor Plett titled Will Deregulation Really Bring Oil Jobs Back? caught my attention so I clicked on the link and I'm really glad I did. I think Trevor's view is spot on.
From the very beginning of "The Boom" experts were saying there is more oil under North Dakota than under the Middle East... so what happened?
This paragraph by Trevor sums it up very well: The oil “bust” in western North Dakota isn’t a “bust” in the traditional sense. It isn’t that the oil dried up or was found to be overexaggerated. Rather, there was so much oil there, it had an enormous impact on the world market and drug down the prevailing price level for oil. With an oversupply of oil, buyers would pay less, and producers had no more incentive to expand or work harder to supply the market.
I encourage you to read the entire article (it's short) if you have time. The link above will take you there. I thank Trevor and Pactola for letting me use his words in this post.