Biden to Ban More Offshore Oil Drilling Before Trump Arrives
Published On Jan 2, 2025, 5:19 PM
President Biden plans to permanently ban new offshore oil and gas drilling in certain U.S. coastal waters through an executive order before leaving office. This move aims to provide lasting protections against offshore drilling, even as incoming President Trump is expected to attempt to reverse it. The decision is influenced by pressure from environmental groups and aims to safeguard marine ecosystems and combat climate change. The ban is also intended to complicate Trump's plans for expanding domestic energy production, as it is difficult to undo once established under a 72-year-old law that grants the executive the authority to protect U.S. waters.
Stock Forecasts
XLE
Negative
The permanent ban on offshore oil drilling could negatively impact oil and gas stocks, particularly those heavily reliant on offshore leases. The energy sector may face headwinds as new protections limit exploration and extraction opportunities.
ICLN
Positive
Conversely, renewable energy companies could benefit from the shift away from fossil fuels. As regulations tighten on traditional energy sources, investments in green technology may see positive momentum.
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