The Trickle of U.S. Oil Exports Is Already Shifting Global Power
February 22, 2016
The sea stretched toward the horizon last New Year’s Eve as the Theo T, a red-and-white tug at her side, slipped quietly beneath the Corpus Christi Harbor Bridge in Texas. Few Americans knew she was sailing into history.
Inside the Panamax oil tanker was a cargo that some on Capitol Hill had dubbed “Liquid American Freedom” -- the first U.S. crude bound for overseas markets after Congress lifted the 40-year export ban.
It was a landmark moment for the beleaguered energy industry and one heavy with both symbolism and economic implications. The Theo T was ushering in a new era as it left the U.S. Gulf Coast bound for France.
The implications -- both financial and political -- for energy behemoths such as Saudi Arabia and Russia are staggering, according to Mark Mills, a senior fellow at the Manhattan Institute think tank and a former venture capitalist. "It’s a game changer," he said.
Read more at Bloomberg.
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