Energy Trade: Corpus Christi

 

The Port of Corpus Christi is celebrating the two-year anniversary of the lifting of the U.S. government’s ban on exports of crude oil, and the port’s own role in facilitating the expansion of the U.S. role in the global energy trade. 

 

Legislation to lift the export ban passed Congress and was signed into law by President Barack Obama on December 18, 2015.

 

The first shipment of U.S. crude oil abroad departed Corpus Christi on December 31, 2015 aboard the tanker Theo T.

 

From handling the first shipment of U.S. crude oil abroad on Dec. 31, 2015 to now facilitating 61 percent of America’s 478 million barrels of crude oil exports, Port Corpus Christi is leading the way as a net oil exporter.

 

Energy Analysts International estimates the Port of Corpus Christi exported $5.5 billion worth of crude oil in 2017.

 

"The rise of crude oil exports has been a win for the U.S. economy and its trading partners," said Port Executive Director John LaRue. "The last two years have shown that opening up energy trade and leveraging our resource wealth helps balance our trade deficit, create jobs and drive U.S. manufacturing. With oil production on the rise, we need to continue to support the sectors that are benefitting us, including the critical infrastructure that make exports possible."