The November industrial production data reported yesterday shows no slowdown yet in US oil and gas production, and as goes oil and gas, so goes the US economy.

There's more data and analysis below, but in honor of the occasion I wrote new lyrics for that great old Temptations classic, What Becomes of The North Dakotans. Here's to the Temps lead singer Jimmy Ruffin, who passed away in Las Vegas in November.

What Becomes of the North Dakotans (with apologies to Jimmy Ruffin)

As I walk this field where I once grew beans,
I have visions of many things.
But the oil boom was just an illusion,
Trailed by bad debts and confusion.

What becomes of a broken market,
which had a boom that's now departed?
I know we're going to find,
A price where we can hold the line.
Maybe.

Drilling rigs grow all around
But for me they come a tumblin' down.
Every day when the price goes much lower,
I want to stick my head in a snow blower!

I walk in shadows,
Searching for price lows.
Offers alone,
No buyers in sight.
Hoping and praying for someone who'll cover,
Price is moving and goin' lower.

(Refrain)

I'm searching though I don't succeed,
For someone's rigs, there's a growing need.
All is lost, there's no place for beginning,
All that's left is an unhappy ending.

What becomes of a broken market,
which had a boom that's now departed?
I know we're going to find,
A price where we can hold the line.
I'll be searching everywhere.
Just to find some gas to flare.
I'll be looking everyday,
I know I'm gonna find a play.
Nothings gonna stop me now,
I don't want no farm to plow…

And now, on with the story.

The BEA's Oil and Gas Production Index for November rose by 1.55 points to 161.04 (2007= 100). This is one of the rare series where there's no seasonality, so I need not rant about the media not reporting the actual, not seasonally adjusted data like I usually do. In fact, the media doesn't even bother to report the oil and gas production component index of industrial production, so, sadly, there's nobody to harangue. I miss it.