New oil refinery would upgrade Alberta crude

Thousands of acres of farmland in the southeastern tip of South Dakota could become home to the United States’ first new oil refinery since 1976.

Hyperion Resources Inc., a privately held Dallas-based energy company, is considering Elk Point and several other midwest sites for the $8 billion (U.S.) refinery, which would turn 400,000 barrels of oil per day into low-sulphur gasoline and low-sulphur diesel fuel, said Preston Phillips, a Hyperion executive.