Less foreign oil coming through LOOP

The worldwide recession has reduced the amount of oil passing through the Louisiana Offshore Oil Port, reports the Houma Courier. LOOP, which is the only spot in the U.S. capable of taking deliveries from the world’s largest oil tankers, is taking in between 15% to 20% less foreign crude this year. The facility is considering expanding its storage capacity in response to the drop in foreign oil and increased activity from deepwater rigs in the Gulf of Mexico. A LOOP spokeswoman told the newspaper that the facility has 12 tanks and is looking to add anywhere from three to a dozen more. Read the story here.