Energy expert warns Biden’s offshore oil, gas drilling ban will harm consumers, calls on Congress to fix it
Published On Jan 6, 2025, 2:19 PM
Energy expert Mike Sommers criticizes President Biden's recent ban on offshore oil and gas drilling, stating it will harm U.S. energy security and increase costs for consumers. Sommers supports Congressional action to overturn the ban, arguing that restricting drilling on significant U.S. coastal territories will lead to higher energy prices while undermining energy independence.
Stock Forecasts
XLE
Negative
Given the concern expressed by industry leaders regarding increased costs for consumers and potential harm to energy security, the outlook for energy stocks may be negatively impacted. Furthermore, if Congress acts to overturn the ban, there could be a positive bounce back for energy stocks in the medium term. However, the uncertainty in the short term may lead to downward pressure.
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