montana petroleum association

This past May I was in Shelby, Montana ahead of the big centennial celebration of the Dempsey-Gibbons match. That's when I told you about the helium deposits near Shelby and "the new gold rush" garnering excitement in North Central Montana.

American oil and gas drilling has dropped to the lowest level since 1949, but don't be too dismayed- the price should rebound by the end of the year, according to at least one investor.

Nearly two years ago, the North Dakota rig count had doubled from 2016. Earlier this year, despite the takedown of Iranian terror leader Qassem Soleimani, oil prices remained relatively stable following a tension in international relations that could have caused long lines at the gas pumps in the 1970s. Then, last month we saw a massive drop in oil prices designed to force American producers out of the market.

So if -$37 was the price of oil on the WTI, what were producers in places like Baker and Shelby, Montana getting for their oil? At least ten dollars worse according to Alan Olson with the Montana Petroleum Association. He joined us on Tuesday's Montana Talks.