Oil and gas revenues have exceeded expectations for this budget cycle, causing optimism among North Dakota lawmakers. Revenue from oil and gas taxes collected exceeded surpassed $1.4 billion through the month of April, almost 23 percent above what those in the industry expected.
Oil production and prices were better than anticipated and officials from the Senate Appropriations Committee credited a healthy oil industry that caused unprecedented growth in state revenue.
Revenues from oil and gas are tied to constitutional pots like the Legacy Fund, which was valued at more than $5.2 billion at the end of last year. Lawmakers have proposed using some of those funds for infrastructure projects.