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Will U.S. offshore oil production increase despite Biden's ban by end of 2025?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
U.S. Energy Information Administration (EIA) reports
Story
Biden to Ban Offshore Drilling on 625 Million Acres, Citing 1953 Law, Ahead of Trump's Pledge
Jan 4, 2025, 08:45 AM
President Joe Biden is set to issue an executive order banning new offshore oil and gas development across approximately 625 million acres of U.S. coastal territory. The ban, expected to be announced on Monday, will cover the Atlantic and Pacific oceans as well as the eastern Gulf of Mexico, aiming to permanently protect these waters from future leasing. This move leverages a provision in the 1953 Outer Continental Shelf Lands Act, which allows the president to withdraw federal waters from oil and gas leasing without explicit language for future reversal. This action is anticipated to complicate efforts by the incoming Trump administration to expand domestic oil and gas production, as Trump has pledged to increase drilling activities.
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