News

Federal Reserve Bank officials tour Bakken

Photo:

Aug 20, 2012 at 7:13 am

WILLISTON, ND (AP) - The president of the Federal Reserve Bank of Minneapolis says the economic activity going on in North Dakota's booming oil patch is different than anywhere else in the country.

Narayana Kocherlakota's comment came following a tour last week of the area between Minot and Williston where various companies are drilling for oil. He and his staff toured the area to see firsthand what is going on as they make economic policies.

The Federal Reserve Bank of Minneapolis oversees the Ninth Federal Reserve District, which includes the Dakotas, Montana, Minnesota, Northwestern Wisconsin and the upper peninsula of Michigan.

But Kockerlakota says that because the population of western North Dakota is relatively small, the boom isn't affecting the nation's economy as much as some people would like to think.