NEW ECONOMIC PARADIGM
C
NEW ECONOMIC PARADIGM
orpus Christi and especially its deep-sea port are unlocking their logistical and
geographic advantages as the nation’s gateway to the rest of the world, from
Europe and Asia to Central and South America. The Port Authority is positioning
Corpus Christi to be “the energy port of the Americas.”
20
. . . its
geographic
proximity to
an abundant
supply of oil
and natural
gas. . .
SAILING INTO FUTURE
At the end of 2015, the U.S. federal government repealed a 40-year ban on the export
of crude oil and condensates to foreign countries. On the New Year’s Eve, the Theo T oil
tanker left Port Corpus Christi with the first U.S. export shipment of crude oil in four
decades.
Meanwhile, the Port is about to undergo a facelift. In addition to a commitment of
$1 billion in capital improvement projects for the next 10 years, including new docks,
storage expansion and infrastructure improvements, a new and taller Harbor Bridge is
scheduled to be constructed beginning in 2016, along with the deepening and widening
of its ship channels.
As the nation’s fifth largest port by tonnage, Port Corpus Christi’s rapid development
in recent years hinged on its geographic proximity to an abundant supply of oil and
natural gas from the Eagle Ford region. The pipeline infrastructure in South Texas is
also part of the most sophisticated network in North America. Oil exports from Corpus
Christi will potentially grow with the increased supply of oil and gas from the Eagle Ford
and Permian formations.
Annual Review of South Texas Economy