Texas Congressmen: First Oil Export Sign of Big Things to Come
Less than two weeks after the oil export ban was lifted by the President, a Texas oil company has shipped out its first batch. Eagle Ford Shale sent exports to the high seas out of Corpus Christi in a historic first move after four decades of a ban.
40 years in the making but Texas oil is en route to Europe. Leaving the Corpus Christi port a week ago, lawmakers who spearheaded the ban repeal say this is the dawning of a new day not just for the Texas economy, but for the entire U.S.
The tanker 'Theo T' left the Corpus Christi Port with 500,000 barrels of Eagle Ford Shale light crude oil. Congressman Mike Conaway (R-TX) says this new chapter is huge for the oil producers in Texas.
"It’s a big deal not only for producers but for America itself, because we’ll be better positioned in the world,” said Conaway.
Lawmakers say the export of American oil and gas will greatly benefit European allies who, for four decades, went elsewhere for such products.
"When it was Saudi Arabia, Iran, Russia that could influence a lot of the geopolitics because of the power of energy, the U.S. was left behind,” said Congressman Henry Cuellar (D-TX).
Congressman Will Hurd (R-TX) says heading back into the free market is great for the entire country, but he says the Lone Star State is particularly in a position to succeed.
"I think what you’re going to see is you’re going to see Texas companies leading the charge in getting oil to our ports and making deals with European nations,” said Hurd.
A lot of people are wondering where the U.S. is exporting to first. The lawmakers said the oil was purchased by an Italian company, but the exact refinery location hasn't been revealed.