April 28, 2020 – New York Times
Texas Oil Port Hit by One-Two Punch: Falling Demand and Overproduction
Corpus Christi has become the largest energy exporter in the United States, but several expansion projects have been delayed or scuttled, threatening jobs and investments.
By Keith Schneider
CORPUS CHRISTI, Texas — Ever since this Gulf Coast city’s leaders helped persuade the Obama administration and Congress to lift the export ban on liquid fossil fuels in 2015, the Port of Corpus Christi has been a steady tide of construction, creating nearly 10,000 permanent jobs and bringing in $54 billion in capital investment.
But the coronavirus pandemic, which has slammed the brakes on economic activity across the nation, threatens to halt investment in planned projects and abandon thousands more new jobs...
Read the full article here: https://www.nytimes.com/2020/04/28/business/coronavirus-oil-texas-port.html
...Oil fields, refineries, pipelines and export infrastructure have sustained an economic body blow, said Rusty Braziel, the chief executive of RBN Energy, a Houston consultancy that analyzes energy markets. He added that his firm did not see a recovery in growth for another five years.
“The whole picture has changed,” he said. “Every company we deal with has already made decisions to dial things back. Not temporarily. Permanently.”
