Forbes reported that oil might become the U.S.’s leading export in 2023, positioning the Port of Corpus Christi to potentially be the country’s premier oil port.
The Port’s CEO, Kent Britton, attributed a large part of this prospect to the vast supply from Texas’s two main oil fields. “The Eagle Ford Shale and the Permian Basin, with the Permian being the U.S.’s biggest oil production area,” he remarked.
Recent reports highlight record-breaking shipments from the port. Britton believes that if this trend persists until year’s end, the port could secure its place as the top oil exporter on the U.S. coastline.
“Our esteemed customers have established the finest crude oil export terminals in the entire U.S. Additionally, we have a steady supply flowing from West Texas,” he commented.
As of last August, the leading five U.S. exports were gasoline and other fuels, crude petroleum, liquefied natural gas, parts for civilian aircraft, and passenger vehicles.
Britton noted that the port witnessed a movement of a record-breaking 52 million tons in the third quarter, marking a 7.7 percent growth from the prior year. This significant milestone is mainly due to the rise in crude oil exports.
For seven out of the past nine years, the port has led the nation in oil exports, poised to make it eight out of the past ten years soon. Britton emphasized the port’s significance, stating it’s an ideal location for employment or launching a business.
“Over the past decade, the region has attracted investments nearing 60 billion dollars. This investment has been channeled into generating lucrative job opportunities for the community,” he articulated.
For those who recall, the pivotal moment came with the 2016 law that permitted domestic oil exports, overturning a restriction rooted in the 1973 Arab oil embargo.