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The former Golden State is floating in debt, even as it sits on two-thirds of America's shale oil reserves locked in a formation four times the size of the one that sparked North Dakota's economic boom.

North Dakota is now the largest oil producer in the country after Texas with a monthly oil output of about 20 million barrels. North Dakota's oil boom accounts for 11% of U.S. oil production, and it is the impetus behind the state's $3.8 billion surplus and an unemployment rate of just 3.2%, the lowest in the nation.