Market
What will be the impact of Biden's offshore drilling ban on U.S. oil production by end of 2025?
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Reports from the U.S. Energy Information Administration or similar authoritative bodies
Story
Biden to Ban New Offshore Drilling in Atlantic and Pacific, Proposes 20-Year Ban in Nevada's Ruby Mountains
Jan 2, 2025, 06:30 PM
President Joe Biden is preparing to issue an executive order that would permanently ban new offshore oil and gas development in some U.S. coastal waters, specifically in parts of the Atlantic and Pacific oceans. This move, expected to be announced within days, aims to lock in protections for sensitive marine areas that would be difficult for the incoming Trump administration to revoke. The decree is based on the 1953 Outer Continental Shelf Lands Act, which allows the president to protect federal waters from oil and gas leasing without explicitly providing a mechanism for revoking such protections. This action is part of Biden's broader effort to safeguard environmental policies before leaving office, amidst pressure from congressional Democrats and environmental groups to maximize protections against offshore drilling. Additionally, the Biden administration has proposed a 20-year ban on oil, gas, and geothermal leases in 264,000 acres of Nevada's Ruby Mountains, further illustrating its commitment to environmental conservation.
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