Oil and Gas Pay Rates in North Dakota
The Bakken Shale region continues to produce record amounts of oil and gas. Likewise, the demand for personnel to set up, move, supply, and service the rigs in North Dakota and Montana continues to grow. You’re probably aware that oil and gas pay rates in North Dakota are among the highest in the nation, but do you know by how much those pay rates have increased? Using data supplied by the Bureau of Labor Statistics, the Fracking Jobs team offers the charts below to give you a snapshot of the oilfield pay rates in the Bakken for the years 2009-2013 (the most recent figures available). Now, keep in mind that while these pay rates are certainly worthy of anyone’s attention, the cost of living in North Dakota has gone up dramatically as well (especially around the Williston area where most shale activity is now taking place). Also, it’s fair to say that the recent drops in oil prices may impact pay rates going forward. Still, the impact that the shale boom has had on oilfield pay rates has been tremendous. Take a look below:
The figures in the chart above are representative of the average weekly wages from Williams County, North Dakota (where Williston is located) between 2009 and 2013. These figures apply specifically to those who work in the “natural resources and mining” industries, which include oil extraction. (Of course, the pay rates for non-oilfield jobs in boom areas like Williston have increased dramatically, as well.) As you can see, the average weekly wage in 2009 was approximately $1,400. This average increased to about $1,937 by 2013, a nearly 40% increase in weekly pay. We included the average weekly earnings for all U.S. wage earners in the chart as a comparison. Not only do those in the oil and gas sector earn more, but they have enjoyed significant increases in earnings vs. those outside of the industry.
So, how much did annual incomes increase in North Dakota? Take a look at the chart below:
The weekly pay averages are dramatic enough, but the annual average pay rates for oilfield workers in the Williston area are even more so. And when compared to the average annual incomes of all U.S. wage earners, the numbers are incredible. Again, it’s fair to expect average wages to level off especially as the price of oil remains low as it has been in the latter months of 2014. However, few industries are offering the incredible pay rate increases that the oil and gas industry has produced. This, in part, is attributable to the need for qualified personnel to work in the shale industry. Increase your average wages by finding a fracking job today…