The first oil exports from the United States left the Port of Corpus Christi on Thursday afternoon aboard the “Theo T” tanker heading for Europe just weeks after Congress repealed the nearly 40-year-old export ban.
A foreign tanker carrying an historic shipment of Eagle Ford crude oil from the Port of Corpus Christi appears to be headed to the Italian coast.
The ban is lifted. Finally.
That can mean only one thing: The crude oil export race has officially started.
The first crude oil shipment exported from the United States, after a 40 year ban, left from Corpus Christi, Texas last Thursday.
“Let us develop the resources of our land…”
These words, the beginning of a quotation of Daniel Webster, are emblazoned upon a plaque hung prominently in the House of Representatives’ chamber. They certainly hold true today as Republicans work to grow our economy, create good-paying jobs, make life more affordable for hardworking families and bolster America’s national security.
On the heels of the U.S. government’s recent lifting of the federal ban on the export of crude oil produced in the United States, NuStar Energy (NYSE: NS) and ConocoPhillips (NYSE: COP) announce they are loading what they believe to be the nation’s first export cargo of U.S.-produced light crude oil since the 40-year-old ban was lifted on December 18.
The United States crude export ban was lifted less than two weeks ago, and domestic companies are wasting no time transporting American oil abroad.
Companies are jumping to be first out of the gate to send crude to foreign soil, less than two weeks after Congress acted to strike the country’s decades-old ban on oil exports.
A Swiss trader of everything from gasoline to sugar is the first overseas buyer to export U.S. shale oil since a 40-year ban on most shipments was lifted less than two weeks ago.
Let the era of U.S. oil exports begin.
ConocoPhillips and NuStar Energy LP on Thursday plan to finish loading what will be the first tanker of freely traded U.S. crude oil in 40 years.