The last few months have seen headlines about the possibility of another oil renewal in the Bakken Formation, the massive oil shale field in western North Dakota and eastern Montana (extending across the border into Canada). Oil development there, which boomed a decade ago, crashed with lower oil prices about three years ago. Now it might be coming back.
A lot of people in that area are praying it happens. The better advice would be: Be careful what you wish for.
The area has had fluctuations of oil development, wavelets of varying sizes and intensities, for more than a century. Long-timers in the area, those who are left, have come to know the drill, and some are wary of it. But probably more common is the attitude reflected on a popular t-shirt in the area a few years ago: "Please, God, give me one more oil boom. This time I promise not to piss it away."
Problem is, it' always pissed away. There have been no exceptions. For a short time, the money flows like flood water. Overwhelmingly, it is wasted, and lives, communities and landscapes are wrecked beyond recognition in the process.
If that sounds a tad theoretical, I refer you to the recent book The New Wild West by Blaire Briody, Who spent many months around the Williston, North Dakota area during the last great (and to date, greatest) oil boom in the area. With fine-grain detail, focusing on the lives of many of the people who came to participate in or were caught up in the development, Briody fills in a clear sense of what actual life is like in such a place.
It is a hell hole. At best, it can mean significant money; a relative handful of people from and around the area do emerge as millionaires, and some others - oil field workers, a significant number of them - do earn incomes in the low six figures. That's pretty the extent of the upside. The bulk of the 300 pages of careful description of western North Dakota during the boom, however, runs through the other side of the story: Wreckage of all kinds of lives - in personal, medical, social, educational and even business aspects - organizations and environments. The human society of the area is trashed - the ability of people to basically get along. Almost every negative indicator you can think of shoots through the roof. Very little positive results, and that includes economic results for most people. The great bulk of the immense number of dollars flowing through the area winds up in very few hands.
I've heard some people pointing to an economic boom and low unemployment in North Dakota as representing an example to emulate. I have a book I want them to read.