Close Menu
    What's Hot

    Google Closes Its $32 Billion Acquisition of Wiz

    March 11, 2026

    Aave Oracle Glitch Causes $27M Liquidations

    March 11, 2026

    Inside ChatGPT’s Slow-Motion Advertising Rollout

    March 11, 2026
    Facebook X (Twitter) Instagram
    Hot Paths
    • Home
    • News
    • Politics
    • Money
    • Personal Finance
    • Business
    • Economy
    • Investing
    • Markets
      • Stocks
      • Futures & Commodities
      • Crypto
      • Forex
    • Technology
    Facebook X (Twitter) Instagram
    Hot Paths
    Home»Markets»Futures & Commodities»Biden to ban offshore oil, gas drilling in vast areas ahead of Trump term By Reuters
    Futures & Commodities

    Biden to ban offshore oil, gas drilling in vast areas ahead of Trump term By Reuters

    Press RoomBy Press RoomJanuary 6, 2025No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    (Reuters) – U.S. President Joe Biden will ban new offshore oil and gas development along most U.S. coastlines, a decision that President-elect Donald Trump, who has vowed to boost domestic energy production, may find difficult to reverse.

    The White House said on Monday Biden will use his authority under the 70-year-old Outer Continental Shelf Lands Act to protect all federal waters off the East and West coasts, the eastern Gulf of Mexico and portions of the northern Bering Sea in Alaska. The ban will affect 625 million acres (253 million hectares) of ocean.

    Biden said the move was aligned with both his climate change agenda and his goal to conserve 30% of U.S. lands and waters by 2030.

    He also invoked the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, saying the low drilling potential of the areas included in the ban did not justify the public health and economic risks of future leasing.

    “My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation’s energy needs,” Biden said in a statement. “It is not worth the risks.”

    The announcement comes as Trump has pledged to reverse Biden’s conservation and climate change policies when he takes office later this month. During his term, Biden limited new oil and gas leasing on federal lands and waters, drawing criticism from drilling states and companies.

    But the Lands Act, which allows presidents to withdraw areas from mineral leasing and drilling, does not grant them the legal authority to overturn prior bans, according to a 2019 court ruling. That order came in response to Trump’s effort to reverse Arctic and Atlantic Ocean withdrawals made by former President Barack Obama at the end of his presidency.

    Even Trump used the law to ban sales of offshore drilling rights in the eastern Gulf of Mexico off the coast of Florida through 2032. Biden’s decision will protect the same area with no expiration.

    An oil and gas industry trade group said the decision would harm American energy security and should be reversed by Congress.

    “We urge policymakers to use every tool at their disposal to reverse this politically motivated decision and restore a pro-American energy approach to federal leasing,” American Petroleum Institute President Mike Sommers said in a statement.

    Environmental group Oceana (JO:) called it a victory for Americans who depend on clean coastlines and fisheries.

    “Our treasured coastal communities are now safeguarded for future generations,” Oceana Campaign Director Joseph Gordon said in a statement.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Press Room

    Related Posts

    Oil steadies as markets weigh Russia sanctions and glut forecasts

    November 18, 2025

    Japan warns citizens in China about safety as diplomatic crisis deepens

    November 18, 2025

    Gold prices retreat on strong dollar amid Trump tariff uncertainty By Investing.com

    January 27, 2025
    Leave A Reply Cancel Reply

    LATEST NEWS

    Google Closes Its $32 Billion Acquisition of Wiz

    March 11, 2026

    Aave Oracle Glitch Causes $27M Liquidations

    March 11, 2026

    Inside ChatGPT’s Slow-Motion Advertising Rollout

    March 11, 2026

    Ethereum USD Funding Rate Turns Negative: Bears are in Control

    March 11, 2026
    POPULAR
    Business

    The Business of Formula One

    May 27, 2023
    Business

    Weddings and divorce: the scourge of investment returns

    May 27, 2023
    Business

    How F1 found a secret fuel to accelerate media rights growth

    May 27, 2023
    Advertisement
    Load WordPress Sites in as fast as 37ms!

    Archives

    • March 2026
    • February 2026
    • January 2026
    • December 2025
    • November 2025
    • October 2025
    • September 2025
    • August 2025
    • July 2025
    • June 2025
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • May 2023

    Categories

    • Business
    • Crypto
    • Economy
    • Forex
    • Futures & Commodities
    • Investing
    • Market Data
    • Money
    • News
    • Personal Finance
    • Politics
    • Stocks
    • Technology

    Your source for the serious news. This demo is crafted specifically to exhibit the use of the theme as a news site. Visit our main page for more demos.

    We're social. Connect with us:

    Facebook X (Twitter) Instagram Pinterest YouTube

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Buy Now
    © 2026 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.