Does ND get less for its oil for some reason? My brother inlaw who works in the oil field told me it does. When oil was $85 he told me that ND oil sells for less about $65 regardless of grade. They will be drilling on our minerals soon and I like to calculate it out. How would I find out what oil sells for in ND if it is less then other places? I searched the net and could not find anything to back up what he was saying.
Yes, there is a difference in crude prices. Here is a link to check prices. http://crudeoilpostings.semgroupcorp.com/
That is true and $20 less is about as bad as it gets. It is that bad right now, but most of the year there has been a $10 or less difference.
Why does ND sweet crude get so much less then TX sweet crude? I read a report that it is the same grade as texas sweet crude oil.
From a Dec 2008 AP report.
Lynn Helms, director of the state Department of Mineral Resources.
The state reached its pipeline, rail and refining capacity in October, Helms said. Prices for North Dakota crude generally lag about 10 percent behind other oil on the New York Mercantile Exchange, because of the increased distances of getting it to market, he said.
North Dakota sweet crude is of such high quality, industry officials say, that a diesel engine can run on it straight from the well.
Hamm said the steep discounts due to lack of infrastructure are a disappointment. He likes the analogy of selling filet mignon at hamburger prices.
Who out there knows how much people are leasing their mineral rights for in Burke County, ND.