An enhanced channel that allows for two-way traffic and deep-draft vessels will create a safer passthrough and increased efficiency for ships.
Since 1975, the U.S. has had a trade deficit, with a major hike occurring from 1997-2000 and continuing to widen since. Maximizing crude oil exports will aid in decreasing the national trade deficit and help restore trade balance.
The Port of Corpus Christi is responsible for more than 98,000 regional jobs. The completion of the project will lead to additional jobs allowing for increased funding into community reinvestment initiatives.
The Impact on Oil & Gas
Constructing a channel with the capability of moving deep-draft vessels will support national energy security and trade objectives on a monumental scale—enhancing the Port’s ability to accommodate future growth in energy production.
In 2019, Texas oil and gas production increased—now accounting for over 41% of crude oil production and 25% of natural gas production in the U.S. The economic impact of Texas’ oil and gas industry is huge, providing:
- High-paying state and local jobs
- Funds to pay over $149 billion in state and local taxes and royalties (since 2007)
- The Rainy Day Fund—with 100% of funds used to support education, transportation, healthcare and infrastructure in Texas is funded by oil and gas company taxes