• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

Biden issues sweeping offshore oil, gas drilling ban in 625M acres of federal waters ahead of Trump transition

by January 6, 2025
written by January 6, 2025

President Biden announced an 11th-hour executive action on Monday that bans new drilling and further oil and natural gas development on more than 625 million acres of U.S. coastal and offshore waters. 

Biden, whose term expires in two weeks, said he is using authority to protect offshore areas along the East and West coasts, the eastern Gulf of Mexico and portions of Alaska’s Northern Bering Sea from future oil and natural gas leasing. He invoked the 1953 Outer Continental Shelf Lands Act, meaning President-elect Trump could be limited in his ability to revoke the action. Congress might need to intervene to grant Trump authority to place federal waters back into development. 

‘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. As the climate crisis continues to threaten communities across the country and we are transitioning to a clean energy economy, now is the time to protect these coasts for our children and grandchildren.’ 

The move garnered quick condemnation from Trump’s incoming White House press secretary, Karoline Leavitt. 

‘This is a disgraceful decision designed to exact political revenge on the American people who gave President Trump a mandate to increase drilling and lower gas prices. Rest assured, Joe Biden will fail, and we will drill, baby, drill,’ Leavitt wrote on X. 

Biden patted himself on the back for what he categorized as a legacy move in the fight against climate change. 

‘From Day One, I have delivered on the most ambitious climate and conservation agenda in our country’s history. And over the last four years, I have conserved more than 670 million acres of America’s lands and waters, more than any other president in history,’ Biden said. ‘Our country’s remarkable conservation and restoration progress has been locally led by Tribes, farmers and ranchers, fishermen, small businesses, and outdoor recreation enthusiasts across the country. Together, our ‘America the Beautiful’ initiative put the United States on track to meet my ambitious goal to conserve at least 30 percent of our Nation’s lands and waters by 2030.’  

‘We do not need to choose between protecting the environment and growing our economy, or between keeping our ocean healthy, our coastlines resilient, and the food they produce secure and keeping energy prices low,’ the statement added. ‘Those are false choices. Protecting America’s coasts and ocean is the right thing to do, and will help communities and the economy to flourish for generations to come.’ 

Ron Neal, the chairman of the Independent Petroleum Association of America Offshore Committee, also slammed Biden’s last-ditch offshore drilling ban as ‘significant and catastrophic.’ 

‘While it may not directly affect the currently active production areas in the Outer Continental Shelf (OCS) and adjoining coastal areas, it represents a major attack on the oil and natural gas industry. This should be seen as the ‘elephant’s nose under the tent.’ The ban severely limits potential for exploration and development in new areas therefore chocking the long-term survivability of the industry,’ Neal, also the President of Houston Energy LP and CEO of HEQ Deepwater, said in a statement. ‘This move is a first step towards more extensive restrictions all across our industry in all U.S. basins including the onshore. If the activists come for anything, they are coming for everything. The policy is catastrophic for the development of new areas for oil and natural gas but, the environmentalists will eventually look to also shut down offshore wind farms for most of the same reasons. President Biden and his allies continue to push anti-energy policies that will hurt Americans.’ 

Trump, during his 2024 campaign, promised to deliver American ‘energy dominance’ on the world stage as he looked toward bolstering U.S. oil and gas drilling, as well as distance from Biden’s prioritization of climate change initiatives.

Related Topics

Joe Biden
US Energy
Trump Transition
US Climate Change
Executive Policy

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Nigel Farage responds after Elon Musk declares he ‘doesn’t have what it takes’ to lead Reform UK Party
next post
LG Electronics India, CATL, and other major Asian IPOs to watch out for in 2025

related articles

Trump denounces court’s ‘political’ tariff decision, calls on...

May 30, 2025

President Trump teases ‘last day, but not really’...

May 30, 2025

State Dept says DOGE’s changes will be permanent...

May 30, 2025

Jill Biden should have to answer for ‘cover...

May 29, 2025

DOGE staffing shakeup as Elon Musk hangs up...

May 29, 2025

Hawley urges DOJ probe of Chinese trucking company

May 29, 2025

Less than half of DOGE-terminated contracts can be...

May 29, 2025

Flashback: Top five wildest moments from Elon Musk’s...

May 29, 2025

Sen Ron Johnson suggests he may not run...

May 29, 2025

Justice Department tells American Bar Association it will...

May 29, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Democrats’ furor over ‘unqualified’ Trump nominees puts Biden’s staffing decisions back in the spotlight

    November 15, 2024
  • National security advisor says Putin, Zelenskyy agree ‘only President Trump could get them to the table’

    February 16, 2025
  • Elon Musk, Vivek Ramaswamy to lead Trump’s Department of Government Efficiency

    November 13, 2024
  • Macy’s confirms rogue employee hid $151 million in expenses over three years

    December 11, 2024
  • USDCHF and USDJPY: USDJPY is moving in a support zone

    July 15, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,723)
  • Investing (624)
  • Stock (773)

Latest Posts

  • Republican Kevin Hern profits from UNH stock while overseeing Medicare policy

    July 18, 2024
  • Lindsey Graham urges GOP not to form ‘lynch mob’ ahead of Gaetz confirmation

    November 20, 2024
  • What we know about the Trump administration’s plans for a sovereign wealth fund

    February 4, 2025

Recent Posts

  • Survivor of Nova music festival Hamas terror attack wins slot to represent Israel at Eurovision

    January 23, 2025
  • Bitcoin and Ethereum: New Support and Targets for Friday

    October 4, 2024
  • Dogecoin bounces back from Sunday’s drop to new low

    September 3, 2024

Editor’s Pick

  • Chick-fil-A is releasing its own entertainment app, with family-friendly shows and podcasts

    October 21, 2024
  • European Union slashes planned tariffs on China-made Tesla EVs, other Chinese firms

    August 21, 2024
  • Elton John speaks out on Trump’s ‘Rocket Man’ nickname for Kim Jong Un: ‘Hilarious’

    September 8, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock