BISMARCK, N.D. (AP) - North Dakota Bakken sweet crude oil is seeing increased demand and is temporarily priced at a premium due to recent hurricanes that hit Texas and Florida.
North Dakota Pipeline Authority director Justin Kringstad says refineries on the Gulf Coast are trying to make up for shortages of gasoline and diesel fuel.
He says Bakken runs well through refineries to maximize the yield, and the price of Bakken oil should stay up “in the near term” before going back down.
North Dakota’s oil production rose slightly in July and remained above 1 million barrels per day for the sixth consecutive month. State Mineral Resources Director Lynn Helms says if per-barrel prices rise above $50 as expected, production of a million barrels a day could become routine.
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