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.
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