Forecasting Oil Production in North Dakota Using the Seasonal Autoregressive Integrated Moving Average (S-ARIMA)
Read full paper at: http://www.scirp.org/journal/PaperInformation.aspx?PaperID=53336#.VL3H3yzQrzE Author(s) Jaesung Choi 1 , David C. Roberts 2* , Eun Su Lee 3 Affiliation(s) 1 Transportation and Logistics Program, North Dakota State University, Fargo, USA . 2 Department of Agribusiness & Applied Economics, North Dakota State University, Fargo, USA . 3 Upper Great Plains Transportation Institute, North Dakota State University, Fargo, USA . ABSTRACT North Dakota’s oil production has been rapidly increasing during the past several years. The state’s oil production in March 2013 even increased to more than twice the quantity produced in March 2011, and the estimated Bakken Formation reserves were reported very large compared with those of the United Arab Emirates. It eventually makes a question to us of how much oil will be able to be actually extracted with currently available technologies. To answer this question, this paper...