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Louisiana Offshore Oil Port Has Potential As 'Outbound Hub'

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July 10, 2014

For more than 30 years, the Louisiana Offshore Oil Port LLC (LOOP) has been a symbol of U.S. dependence on foreign oil, pumping Nigerian and Saudi Arabian crude from the world’s biggest supertankers into underground storage caverns beneath the marshes of southern Louisiana, Bloomberg said July 10.

Now, with domestic production at a 28-year high, LOOP’s managers are thinking the previously unthinkable: They want to reverse the flows and send North American oil out, as well as take foreign oil in.

To be an outbound hub, the port needs financial ...

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