A North Dakota refinery that was the first to be built in the United States since the 1970s has been sold at a loss, with profit elusive since it opened last year, as low oil prices took a toll on the region’s energy industry, crimping the appetite for diesel. The sale to Tesoro Corp, which owns the only other refinery in the state, makes it unlikely another refinery will be built in the United States in the near future, despite the glut of cheap crude due to shale oil production. Beyond North Dakota, the refinery business in the past year has been hammered by growing fuel inventories, turning a typical advantage – cheap oil – on its head. MDU Resources Group Inc and Calumet […]