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Bids At North Dakota Mineral Auction Reflect Price Of Oil

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Before drilling on state or federal lands, oil companies must win the right to drill at a mineral auction. A recent state mineral auction in North Dakota and federal auction in Wyoming brought in the lowest amount of money in years. (WildEarth Guardians/Flickr)
Before drilling on state or federal lands, oil companies must win the right to drill at a mineral auction. A recent state mineral auction in North Dakota and federal auction in Wyoming brought in the lowest amount of money in years. (WildEarth Guardians/Flickr)

At the height of the U.S. oil boom, less than a year ago, it wasn’t uncommon for an oil company to pay over $10,000 an acre to drill on state land in North Dakota’s Bakken oil field. But since oil prices have crashed, so has that mineral windfall.

As Emily Guerin from Here & Now contributor Inside Energy reports, recent state mineral auctions in North Dakota have seen the lowest prices since the oil boom began in 2007.

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This segment aired on May 20, 2015.

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