For the first time in 40 years, U.S.-produced crude oil has made it to Europe, meaning the continent won’t have to rely as much on on Russia for its energy needs.
The ink is barely dry on legislation to lift a 40-year-old ban on exporting U.S. crude and energy companies already are jockeying to ship American oil overseas.
Two weeks ago, an oil tanker carrying a shipment of crude oil from the Eagle Ford Shale left the Port of Corpus Christi for Italy. Not long after, the first crude movement from the Houston Ship Channel departed for Switzerland late last week. These moves are historic for the U.S., as it comes less than a month after the federal government authorized the reversal of a 40-year ban on crude oil exports.
Senate Republicans are taking a victory lap after the elimination of the 40-year-old ban on oil exports in the recent government spending bill.
The United States is engaged in battle with global producers to see who can ensure the future demand for crude oil, a Republican senator from North Dakota said.
Of all the energy-related items in Congress’ year-end spending bill, a provision to lift our 40-year-old oil export ban may well provide the most lasting benefits for our nation. The timely, bipartisan termination of this obsolete policy will boost our economy, our status as an energy superpower and our allies and trading partners around the world.
The first tanker of U.S. crude to leave for world markets in 40 years left Corpus Christi, Texas, with a hold full of Eagle Ford light shale oil on the last day of 2015.
As we write, the United States is once again an exporter of crude oil. Sure, in the past the federal government has allowed limited crude exports. The oil tanker that left the Port of Corpus Christi, Texas, late last week is the bearer of the first freely traded U.S. crude in about four decades – made possible by congressional legislation that President Obama signed to end a 1970s-era ban on exports. It’s a new day indeed.
When Congress voted last month to lift the country’s 40-year-old oil export ban, U.S. Rep. Steve Scalise, R-Metairie—who leveraged his power as House majority whip to help secure passage of the measure—heralded the move as a win for Louisiana that will create thousands of jobs in the state.
The first oil shipment in forty years has departed the Port of Corpus Christi, bound for Europe with a load of light crude from the Eagle Ford Shale.