Well, it could be, if they can jump through the hoops.

Little-known, privately held Hyperion Resources Inc. said on Wednesday it plans to build an $8 billion oil refinery, the first in the United States since 1976, at one of several sites under consideration in the U.S. Midwest.

Dallas-based Hyperion plans a 400,000 barrels per day (bpd) refinery as part of “the most environmentally sound energy center in the United States” that will include a power plant fueled by petroleum coke, a refining byproduct.

The plant will refine crude from the Canadian oil sands in Alberta to feed the U.S. market, the company said.

Hyperion officials were in Elk Point, South Dakota, on Wednesday to announce they were considering the small town on the Missouri River as a possible site for the energy center.

Hyperion is in a race to build the first U.S. refinery in 30 years with Arizona Clean Fuels Yuma, which has been struggling for years to obtain funding for its nearly $3 billion refinery plan that has so far secured about $35 million.

So, we may have two coming on line in the next few years.

Any chance of Big Oil stepping up to the plate?

Posted by: Greg at 12:18 PM | No Comments | Add Comment
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