First Crude Export in Decades | Russell T. Rudy Energy LLC
On Friday, December 18, President Obama signed into law legislation lifting the crude oil export ban which had been in effect since 1975. Enterprise Products Partners has wasted no time in acting on this new opportunity. The following Wednesday, December 18, the company announced its first export cargo of 600,000 barrels. The crude is scheduled to load at Enterprise’s terminal on the Houston Ship Channel the first week of January, 2016. It is believed that this will be the first crude exported from the Gulf Coast in 40 years.
Enterprise’s Chief Operating Officer, Jim Teague, observed that lifting the crude oil export ban “…facilitates economic growth and job creation for the United States as well as enhances our national and energy security. This action provides new markets to domestic producers, especially producers of light crude oil, and will provide global markets with supply diversification.”
To read the article in its entirety, please go to http://www.worldoil.com/news/2015/12/23/first-us-crude-oil-set-to-be-exported-in-january-after-law-change .
