Just a few short years ago, Williston, North Dakota, was a sleepy little agricultural town with a population of less than 15,000. But thanks to a recent economic boom, Williston has quickly become one of the most fascinating places on the planet.
People in this little town in the northern United States are making fortunes.
Oscar Stohler and his wife Lorene have ranched nearby for decades. According to Fox News, a couple of years ago, they became millionaires practically overnight, thanks to America's new energy boom. "It's the easiest money we've ever made," said Lorene.
But they aren't alone. The number of people in North Dakota reporting income of $1 million or more jumped 39% from 2009 to 2010, according to the Associated Press. In fact, the same scenario is playing out with thousands of people all across the country. I found similar stories in Pennsylvania... in Texas... and in West Virginia.
You've likely never heard of Williston.
The town is as close to the "middle of nowhere" as you can get in the United States. The nearest major city is Winnipeg, Canada -- more than 300 miles away. The nearest Target store is 150 miles away in Bismarck, North Dakota. And just to get on I-94, the closest interstate to Williston, takes a drive of at least 90 miles.
And yet, thousands are flocking to this far-flung part of the country hoping to strike it rich.
Williston is ground zero for the "shale boom." Advanced techniques such as horizontal drilling and "fracking" (pumping water and sand into wells to break up the rock, releasing oil and gas) have made it possible for energy companies to tap into enormous shale formations that were simply not viable just a few years ago. This has created a new energy boom in dozens of places around the nation that sit on top of shale beds.
Williston sits in the middle of the Bakken Shale. This massive formation spreads more than 200,000 square miles and is estimated to hold 3-5 billion barrels of oil.
The boom in the Bakken Shale is so big that the oil and gas companies are doing everything they can to attract workers. Today, it's not unusual for entry-level workers (some even without high school diplomas) in the field to make six-figures while working 80-hour weeks. At a time when unemployment nationwide is sitting at 8.3%, Williston's unemployment rate is just 1.5%.
One local weekly paper went from seeing $100,000 in ad revenue to more than $2 million -- due largely to the increase in help-wanted ads. Desperate for workers, wages at fast-food restaurants are $15 an hour. Entertainers at gentlemen's clubs can attract $2,000-$3,000 per night.