Energy States Save Money for the Future

Rather than piss it away like some other states we know

A savings account North Dakota created to preserve a portion of its oil and natural gas tax dollars for the future has exceeded growth estimates in its first two years and could swell to $3 billion by the time state lawmakers decide how to spend it.

State officials predicted the Legacy Fund would accumulate about $600 million by this summer. Through August, officials said, the fund has grown to $1.3 billion. It will continue building revenue until June 2017, when lawmakers are allowed under law to begin tapping the account for such things as education.

"It is growing very fast. It's going to become much bigger," Republican Gov. Jack Dalrymple told Stateline in an interview. He said the fund added a record $92 million in July.