|$71 Million Announced for Port Improvement|
Great news for our region and our nation! Today, $71 Million was announced to improve the ship channel at Port Corpus Christi!
This hugely important project will create jobs across our whole district, increase exports of Eagle Ford and Permian Basin oil and gas around the world, and protect our allies from dependence on Russian and Iranian energy.
Check out the video for more on the announcement:
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See our press release for more information:
Congressman Cloud Announces $71.8 Million to Boost Oil Exports at Port of Corpus Christi
Congressman Michael Cloud announced today that the Port of Corpus Christi will be receiving $71 million for the Port’s Channel Improvement Project. The project has been in the works since 1990, and in 2007 the federal government authorized the project but did not – until now – provide substantial funding to move the project forward.
“This $71.8 million will be a huge benefit not only to jobs across our part of Texas but to the security of America and our allies, and I am excited we were able to make this happen,” said Congressman Michael Cloud. “I was honored to make the case for the Corpus Christi Port and thankful President Trump recognized the importance of the Port’s Channel Improvement Project. I commend the Port Commissioners under the leadership of Chairman Charles Zahn, and the Port staff under the direction of CEO Sean Strawbridge and Executive Director John LaRue, for their tireless efforts on this project.”
In October, Rep. Cloud met with President Trump aboard Air Force One to make the case for the Channel Improvement Project. During a speech the following day, the President called for action to improve Texas ports, directing staff to “get it done.”
The Channel Improvement Project will widen and deepen the ship channel to allow for safe passage of larger ships, increasing the Port’s capability to export American energy around the globe. The project is expected to add $35 billion per year in exports and save $100 million per year in transportation costs when completed (anticipated for 2021-2022).
“We thank Congressman Cloud for his diligent advocacy on behalf of this project. This is another step toward realizing the Administration’s policy of energy independence, improved infrastructure and balanced trade,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi.
Rep. Cloud also recognized Congressman Henry Cuellar (TX-28) for his role in securing funding for the Port: “I also commend Congressman Cuellar for his partnership in this important project that will benefit our entire region.”
“For years, I have made it a top priority to promote energy independence as well as facilitate international trade in Texas,” said Congressman Henry Cuellar. “In 2015, I worked in a bipartisan manner to lift the ban on crude oil exports, which helped make the Port of Corpus Christi the leading U.S. crude oil export port and a major economic engine in the country. Additionally, I worked through my role on the House Appropriations Committee to help secure $13 million to deepen and widen the Port in the FY19 Energy and Water Appropriations package, which passed into law in September.”
Congressman Cuellar continued, “Funding included in the USACE FY19 Work Plan will be used to expand this critical export channel, solidifying our place as a leader in global energy and strengthening the American economy. With the help of Rep. Cloud, the Army Corps, the Port of Corpus Christi, my fellow appropriators, and colleagues from the Texas Congressional Delegation, we will continue bringing crucial funds back to the Port, helping our energy companies meet growing demand.”
The announcement comes as welcome news not only to Corpus Christi but to the entire state of Texas, which stands to benefit from expected gains to the oil and gas sector. By next year, Texas is expected to pass Iraq and Iran to become as the world’s third-leading oil producer, according to a report by investment bank HSBC. A concern has been whether the state’s infrastructure could keep pace with rising production, and the Channel Improvement Project is a key step toward ensuring the state will be able to export its crude oil and gas to foreign markets.
Increasing export capabilities will also lower the nation’s trade deficit and contribute to the energy security of American allies, many of which are dependent on Russian and Iranian oil.
The funding consists of $58.8 million in the recently released Army Corps of Engineers FY 2019 Work Plan, in addition to $13 million previously included in the Energy and Water Appropriations bill, which passed into law in September. The Port also received $23 million in June as part of the FY 2018 Work Plan.###
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