The CEO of America's largest oil export gateway predicts another record year in 2023 as strong global demand continues despite efforts to ditch fossil fuel, according to Yahoo Finance Canada.
Sean Strawbridge, chief executive officer of the Port of Corpus Christi, says foreign bans on Russian crude boosted exports by about 15 per cent last year. In December alone, that worked out to about 70 million barrels.
The Texas state-run port has snapped its annual oil export record for six consecutive years, Strawbridge says. Volumes have climbed from an average of nine million barrels a month in 2016, the year following a decision by the U.S. Congress to repeal a ban on shipping crude abroad.
According to the U.S.Energy Information Agency, American oil production nearly doubled between 2009 and 2015. Removing the export ban has allowed producers to charge higher prices relative to comparable foreign grades.
Hydrogen emits only water when burned, but creating it can be carbon intensive. Green hydrogen is the only type produced in a climate-neutral way, splitting water into hydrogen and oxygen using renewable electricity. The European Union aims to produce 10 million tons annually, and import the remaining 10 million.
Port of Corpus Christi is currently in the late stages of the permitting process for the largest desalination facility in the United States.