First Tanker of U.S. Crude Oil for Export Launches From Texas
December 31 2015 - 6:08PM
Dow Jones News
By Lynn Cook and Erin Ailworth
The first oil tanker of freely traded U.S. crude launched
Thursday afternoon from the Port of Corpus Christi, about 160 miles
north of the Texas border with Mexico.
ConocoPhillips Co. and NuStar Energy LP loaded the tanker with
oil pumped from the Eagle Ford Shale of South Texas. The companies
have skipped ahead of Enterprise Products Partners LP, which said
last week that it expected to load the first oil export cargo in
Houston during the first week of January.
President Barack Obama signed legislation lifting the
long-standing ban on exporting U.S. oil less than two weeks ago. It
was put into place during the mid-1970s in the wake of the Arab Oil
Embargo, which caused fuel rationing and price spikes for American
drivers.
Vitol Group, a Dutch oil-trading powerhouse, is buying the oil
cargo, according to NuStar. Vitol also is buying the U.S. crude-oil
cargo that will ship out of Houston during the first week of 2016.
The company has a subsidiary that owns a refinery in
Switzerland.
Write to Lynn Cook at lynn.cook@wsj.com and Erin Ailworth at
Erin.Ailworth@wsj.com
(END) Dow Jones Newswires
December 31, 2015 17:53 ET (22:53 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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