North Dakota's Oil Production Soars Amid Ongoing US-Iran Conflict

The ongoing US-Iran conflict has pushed crude oil prices higher, causing Americans to pay more at the gas pump. However, North Dakota's financial picture looks rosier due to its heavy reliance on oil and gas taxes for revenue.

Gunther Harms, with the North Dakota Department of Mineral Resources' oil and gas division, reported that the state produced 35.85 million barrels of oil in July, an increase from June's production of 34.64 million barrels.

The July figure is 5.15% above the state's revenue forecast, while West Texas Intermediate crude oil futures reached $102.54 a barrel on Monday, a huge jump from $86.60 a barrel a month ago.