Louisiana oil port, made for import, rents domestic storage

April 4, 2015 10:01 PM

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Louisiana's offshore oil port, with huge underground storage caverns, was built to handle imported oil but is now leasing space to traders who need to store U.S. crude.

The Advocate (http://bit.ly/1HwBfQ3 ) reports that the Louisiana Offshore Oil Port recently auctioned 11.3 million barrels of monthly storage space and has scheduled another auction Tuesday.

Also read: CGI expanding in Louisiana; 400 new jobs projected

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