World likes the taste of Texas oilWorld likes the taste of Texas oilhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184862017-12-05T06:00:00Z2017-12-05T23:20:00Z

A view of Port Corpus Christi.CORPUS CHRISTI – Texas crude oil is being shipped worldwide at ever-higher rates as foreign markets get used to the taste of light sweet crude.

Port Corpus Christi, a major refining center on the U.S. Gulf Coast, is becoming a major hub for U.S. crude oil exports.​

More than 70 percent of the crude oil moved into Port Corpus Christi in October 2017 was exported, according the Jarl Pedersen, the Port’s chief commercial officer.

Since Congress lifted a 40-year oil export ban in 2015, exports have grown as high as 1.8 million barrels a day in October 2017, according to the Federal Reserve Bank of Dallas.

Two projects currently underway will help the port increase exports in the coming years;

  • a new $809 mi​llion bridge over the port’s entrance is under construction; and,
  • an agreement to start a $327 million dredging project to deepen and widen the ship channel was recently signed.

The projects will allow very large crude carriers with a capacity of upward of 2 million barrels of oil to enter the port empty and leave fully laden.

Both projects are expected to be done by 2021.​

San Antonio Express-News
Corpus Christi
http://www.expressnews.com/business/eagle-ford-energy/article/Foreign-markets-want-Texas-oil-say-experts-12374423.phpRead more at the {Source}

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