Texas Oil Port Hit by One-Two Punch: Falling Demand and Overproduction

Texas Oil Port Hit by One-Two Punch: Falling Demand and Overproduction

Texas Oil Port Hit by One-Two Punch: Falling Demand and Overproduction. The expansion of the port in the years leading up to the crisis produced new pipelines and distribution facilities, export terminals, liquefied natural gas plants, storage depots and refineries.. Corpus Christi has turned into the largest energy exporter and third-largest port in the United States by tonnage.. Global demand for natural gas has been steady: Corpus Christi still ships more than 25,000 tons of it a day.. From his home office, Sean Strawbridge, the port's chief executive, surveyed the severe market disruption and reached two conclusions.. Cheniere Energy, a Houston-based company, is constructing a third production line to liquefy and export natural gas from its LNG processing plant that opened two years ago and has cost $16 billion, according to Industrial Info Resources, a consulting firm that tracks plant construction around the world.. The Red Oak project, the fifth and latest pipeline to transport oil from production fields in Texas and the West, was meant to help the port triple its oil export capacity to more than five million barrels a day by the mid 2020s.. A plan to build a new oil export terminal on 55 acres in