Who would have guessed it? According to a survey from the Apartment Guide, the most costly place to rent an apartment in the United States is the lesser known Williston, North Dakota. Then again, when you consider how fast the oil and gas industry has taken off in the region, is it that much of a surprise that a single-bedroom apartment there goes for more than $2,000 a month?
The high costs of living in the region and an unemployment rate less than 1% mean it is getting harder and harder to find qualified workers to expand operations in this exploding oil patch. Ultimately, this is going to lead to higher labor costs for Bakken-centric producers like Kodiak Oil & Gas (NYSE: KOG ) and Continental Resources (NYSE: CLR ) . Will this affect their bottom lines? Tune into the video to find out.
Don't let the rising costs of life eat into your savings: Invest!
Millions of Americans have waited on the sidelines since the market meltdown in 2008 and 2009, too scared to invest and put their money at further risk. Yet those who've stayed out of the market have missed out on huge gains and put their financial futures in jeopardy. In our brand-new special report, "Your Essential Guide to Start Investing Today," The Motley Fool's personal-finance experts show you why investing is so important and what you need to do to get started. Click here to get your copy today -- it's absolutely free.