The first crude oil shipment exported from the United States, after a 40 year ban, left from Corpus Christi, Texas last Thursday.
NuStar Energy and ConocoPhillips loaded a vessel with light crude oil pumped from the Eagle Ford Shale of South Texas at NuStar’s North Beach Terminal at Port Corpus Christi. The crude is to be sold to the international trading company Vitol.
[dcquiz] “Infrastructure improvements at Port Corpus Christi have placed our port in a unique position as a critical component in the export of U.S. crude and condensate. Port Corpus Christi’s deep draft ship channel and strategic location to some of the largest production areas in the US provides a secure and competitive supply chain to markets worldwide,” John LaRue, Port Corpus Christi Executive Director, said in a statement. “Future capital improvements including deepening the ship channel will accommodate larger vessels that are required to cost effectively supply US crude oil to global markets.”
As a result of the federal government’s repeal of the 40-year ban on the export of crude oil, via the last government omnibus spending bill, crude oil shipments are free to leave the country now.
The original crude oil export ban was put into effect during the 1970’s in the midst of the Arab Oil Embargo, which triggered gas rationing and fuel spikes at the pump for the American driver.