WINNING: Oil Exports, Illegal for Decades, Now Fuel a Texas Port Boom.
Oil exports grew slowly through most of 2016, but this year there has been a surge reaching 1.3 million barrels a day — roughly 15 percent of domestic production — which even at today’s depressed prices is worth more than $1.5 billion a month.
That may be only the beginning. In a test a few weeks ago, the French-flagged supertanker Anne, empty but capable of holding more than two million barrels of oil, docked safely at Occidental Petroleum’s year-old export terminal here. The docking of the 1,093-foot vessel, larger than any tanker to come into port previously in the Gulf of Mexico, is seen as the herald of an export boom, lifting the spirits of American oil executives despondent over the crumbling price of crude and sending ripples across global energy markets.
“This is our chance, this is our turn to prosper,” said Khalid A. Muslih, executive vice president of Buckeye Partners, a pipeline and terminal operator in the midst of a major export expansion. “We’re working our way toward energy independence. We’re grabbing market share, and we’re doing our part to rectify our imbalance of trade.”
“Get the hell out of my way!” the wise man once said.