Silicon Valley is getting a bunch of newly printed Ben Bernanke money, but so is South Dakota, North Dakota.
Average home sale prices are higher than they’ve been in five years, according to sales figures through April provided by the Black Hills Association of Realtors, reports the Rapid City Journal.
As oil prices generally climb thanks to Bernanke (prices are in a short-term dip now) and technology advances, it becomes profitable to conduct oil shale drilling operations in the region.
Thanks to hydraulic fracturing or "fracking" and high oil prices, the boom is on. Estimates are there are billions of barrels of shale oil in the region. So much for peak oil.
The Bakken Oil Shale (aka North Dakoata Shale) field stretches down from Canada to, Montana and North Dakota. The Williston Basin extends into South Dakota, but the oil shale there is not considered part of the Bakken Oil Play, but rather the Red River Play.
This is essentially the same thing as all other bubbles. Zero interest rate, some bubble will be up somewhere. The Fed is doing the same shit over and over, and expect different result.
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