President Biden to Ban New Offshore Oil and Gas Development Across 625 Million Acres

In a move to address climate change and decarbonize the U.S. economy, President Joe Biden is set to ban new offshore oil and gas development across 625 million acres of U.S. coastal territory. This ban, to be announced on Monday, will prohibit the sale of drilling rights in stretches of the Atlantic and Pacific oceans, as well as the eastern Gulf of Mexico.

According to a report by Bloomberg News, Biden is leaving the possibility open for new oil and natural gas leasing in the central and western areas of the Gulf of Mexico, which account for around 14% of the nation’s production of these fuels. This decision is part of Biden’s broader strategy to combat climate change and transition to renewable energy sources.

The ban would solidify Biden’s legacy on environmental issues and his commitment to reducing greenhouse gas emissions. By leveraging the Outer Continental Shelf Lands Act, Biden has the legal authority to implement this ban and prevent future presidents from revoking it.

Previous presidents, including Donald Trump and Barack Obama, have utilized this law to restrict offshore drilling in certain coastal areas. Despite attempts by the Trump administration to reverse Obama’s drilling bans, a federal judge ruled in 2019 that presidents do not have the legal authority to overturn prior bans under this law.

With this latest decision, President Biden is taking significant steps to protect the environment, promote clean energy initiatives, and reduce the nation’s reliance on fossil fuels. This move is expected to have far-reaching implications for the future of energy development in the U.S. and demonstrate Biden’s commitment to combating climate change.

(Source: Reuters – Reporting by Devika Nair in Bengaluru; Editing by William Mallard)