President Joe Biden has indefinitely blocked oil and gas development in over 625 million acres of US coastal waters, citing environmental and economic risks. The move, made through presidential memoranda, seeks to protect sensitive ecosystems and wildlife habitats. While the ban doesn't affect existing leases, it could be difficult for future administrations to reverse due to its legal grounding in a 72-year-old law.
Timna Tanners, managing director of equity research at Wolfe Research, explains what Biden 's block on Nippon could mean for future foreign ownership projects.
Biden is ruling out future oil and gas leasing along the US East and West Coasts, the eastern Gulf of Mexico and a sliver of the Northern Bering Sea, an area teeming with seabirds, marine mammals, fish and other wildlife that indigenous people have depended on for millennia.
“Joe Biden clearly wants high gas prices to be his legacy,” she said in an emailed statement. “Rest assured, Joe Biden will fail, and we will drill, baby, drill.” “We are excited and thankful that the Biden administration recognizes the immense value of Florida’s Gulf Coast,” said Martha Collins, executive director of the Healthy Gulf nonprofit advocacy group. “From its white sandy beaches to its vibrant marine life, Florida’s Gulf Coast defines a way of life cherished by millions,” and “today’s decision helps protect this special area from industrial oil and gas operations.
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