Louisiana planning to sue Biden admin over drilling ban
Published On Jan 7, 2025, 12:12 PM
Louisiana's Attorney General, Liz Murrill, is preparing to file a lawsuit against the Biden administration regarding the president's recent ban on new offshore drilling. This ban, instituted during Biden's final days in office, affects over 625 million acres of U.S. coastal and offshore waters. Murrill claims the ban undermines America's energy independence and expressed concerns about the challenges the incoming Trump administration may face in reversing this decision due to its legal foundations. The lawsuit aims to block the ban and will be filed soon as the administration transitions.
Stock Forecasts
XOM
Positive
The ban on offshore drilling can negatively impact oil and gas companies reliant on new drilling operations for growth. However, if the lawsuit succeeds and the ban is lifted, oil prices may stabilize or increase as drilling resumes. Therefore, investments in major oil and gas players could yield positive returns.
XLE
Positive
The uncertainty created by the legal challenges may cause some volatility in energy stocks. Investors may consider diversifying into energy ETFs that can manage this risk while still capitalizing on potential rebounds in oil prices if the drilling ban is lifted.
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