Biden blasted by business, energy groups over drilling ban
Published On Jan 7, 2025, 7:00 AM
President Biden's recent executive action banned new oil and gas drilling on over 625 million acres of U.S. coastal and offshore waters. This decision faced immediate backlash from business and energy groups, which argue it will harm the economy and energy security. Biden emphasized the need to protect coastal areas and transition towards a clean energy future, countering that the risks associated with offshore drilling outweigh potential benefits. Business leaders are urging Congress and the incoming administration to reverse this ban, indicating strong political friction surrounding energy policies as the transition of power approaches.
Stock Forecasts
XOM
Positive
The ban on offshore drilling could lead to increased oil prices due to supply constraints. If the incoming Trump administration acts to reverse this ban, we may see a correction in energy-related stocks. However, if the ban remains in effect despite rising energy demands, companies within the energy sector may experience negative impacts. The overall sentiment from energy companies indicates that this restriction is unsustainable in the long run.
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