However, that issue will most likely be addressed in the upcoming legislative session.  Meanwhile, North Dakota leaders seem to have strong faith that our oil industry will continue to boom, despite a downturn and the national financial situation.

While touting the state’s relatively healthy economy, which many people attribute to oil development on the Bakken formation, Duggan worked in the forecasts showing a slightly higher chance than 50/50 that the recession will hit here in the first quarter of 2009.

But even then, it sounds like ND is in good shape compared to the rest of the nation.  From the article:

“It’s certainly not a guarantee,” said David Flynn, a UND professor who authored the report. “It’s saying the risk factors are higher than they’ve been in quite a long time.”

Flynn said if the state does experience a recession sometime next year, it’s likely to be a short-term dip rather than a prolonged one.

Still, “we are in a very enviable position right now,” he said.

The energy industry does play a huge part in our healthy economy, and agriculture always will, but I also think the wisdom of ND’s banking system in lending purposes helped keep the real estate crisis at bay.  Even the auto industry is doing well here right now.

And so, even though the national financial situation is in the back of our minds, we shop.

I’m very happy to see that the energy industry is benefiting the local economy in northwest North Dakota.

Greenwire: President-elect Barack Obama’s ambitious energy initiatives emphasize electric-powered vehicles, wind turbines and solar panels — all of which hinge on building a transmission grid capable of delivering renewable power generated in remote places to distant cities.

“One of … the most important infrastructure projects that we need is a whole new electricity grid,” the Illinois Democrat said last month on MSNBC’s “The Rachel Maddow Show.” “Because if we’re going to be serious about renewable energy, I want to be able to get wind power from North Dakota to population centers like Chicago. And we’re going to have to have a smart grid if we want to use plug-in hybrids.”

I would LOVE to see North Dakota exporting renewable energy from its wind farms to the coasts.  That is a win-win situation–although I do think we should be prudent about how we spend tax dollars to do it.

Ethanol production, on the other hand, doesn’t seem to be doing so well.  Read Rob Port’s comments (and feedback) here.

I have been watching this company for close to a year now.  I believe the innovative wind energy technology could someday rival wind turbines.  Perhaps we will even see some alternative wind farms develop some day in North Dakota and similar places where the wind energy potential is great.

People who are interested in looking at this type of wind energy technology can read more about it here.