Biden Expands Offshore Oil Leasing Ban

President Biden has enacted a significant ban on new offshore oil and gas leasing, prohibiting activity across over 625 million acres, including the entire Atlantic and Pacific coastlines and parts of Alaska's Northern Bering Sea. This decision is hailed as the largest withdrawal in U.S. history aimed at protecting coastal communities and marine ecosystems, although existing leases are unaffected. In response, Texas lawmakers Rep. Jodey Arrington and Sen. Ted Cruz have introduced a bill to repeal this ban, arguing it undermines national energy security. Critics of Biden's action, including environmental experts, express concerns that it could inadvertently harm conservation efforts by reducing funding from oil and gas royalties. President-elect Donald Trump has vowed to revoke Biden's ban upon taking office, although legal complexities may impede a swift reversal. This situation creates uncertainty for investors as the transition of power may drastically shift energy policy direction.