Unconventional oil drilling in North Dakota has accelerated over the past decade and is unlikely to abate soon. Agriculture is large component of North Dakota’s economy. This study compares total acres planted with oil prices and number of wells drilled within crop districts of North Dakota. Using panel data on the total number of wells and acres planted in North Dakota. This study finds that acres planted had a statistically significant negative correlation with number of wells and oil prices.
The Russian economy is widely assumed to have a fairly heavy reliance on the international oil market. This due to the large amount of oil Russia exports, and theoretically relies upon for economic success. This leads to a question of how responsive the Russian currency is to international oil prices. Using an ordinary least squares (OLS) model, it was found that the ruble is very dependent on valuations of international oil prices. The ruble and international oil prices experience a direct relationship where any rise in oil price will be reflected in the increasing value of the ruble, or decreasing value when oil prices fall.