The Port of Corpus Christi celebrated this week the two-year anniversary of Congress lifting the ban on exports of crude oil.
“We are 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.
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.
“The rise of crude oil exports has been a win for the U.S. economy and its trading partners,” said John LaRue, Port Corpus Christi Executive Director. “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.”
Exporting American crude supports U.S. allies abroad by providing an alternative source for reliable and affordable fuel, strengthens our trading relationships and helps balance the budget. According to Energy Analysts International, the Port of Corpus Christi is expected to export $5.5 billion of crude oil to U.S. trading partners in 2017 contributing to offset the United States trade deficit.
Source: Port of Corpus Christi