Corpus Christi celebrates oil export ban lift anniversary

Corpus Christi celebrates oil export ban lift anniversary


The Port of Corpus Christi has acknowledged the two-year anniversary of U.S. Congress lifting the ban on exports of crude oil, and is proud to have played a role in the expansion of the United States as a global leader in 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 departed Corpus Christi on December 31, 2015 aboard the THEO T.

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

Port Corpus Christi Executive Director, John LaRue said: “The rise of crude oil exports has been a win for the US economy and its trading partners. 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 US 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.”

Exporting American crude supports U.S. allies abroad by providing an alternative source for reliable and affordable fuel, strengthens the country’s trading relationships and helps balance the budget. According to Energy Analysts International, the Port of Corpus Christi is expected to export $5.5bn of crude oil to U.S. trading partners in 2017 contributing to offset the United States trade deficit.

For more information visit www.portofcc.com

3rd Jan 2018