The Grand Forks Herald is reporting:
Lagging oil prices have postponed plans for a proposed diesel oil refinery in Devils Lake.
About a year ago, Eagles Ledge Energy,
based in Vancouver, B.C., had announced plans to build a $200 million,
20,000-barrel-per-day clean fuels oil refinery in Devils Lake.
The
refinery, operating under the name of American Dakota Refinery, is
proposed to convert crude oil from the Bakken Formation in western North
Dakota into off-road diesel fuel for use in farm and construction
equipment.
However,
the project currently is on hold, as oil prices have plummeted from
more than $100 per barrel in September 2013 to the low $40-$50 range in
recent months.
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