Trump says he will revoke Biden offshore drilling ban on first day in office

Trump says he will revoke Biden offshore drilling ban on first day in office


A view of offshore oil and gas platform Esther in the Pacific Ocean on January 5, 2025 in Seal Beach, California. 

Mario Tama | Getty Images

President-Elect Donald Trump said Tuesday that he will reverse President Joe Biden’s ban on offshore drilling along most of the U.S. coastline as soon as he takes office.

“I’m going to have it revoked on day one,” Trump said at a news conference, though he indicated that reversing the ban might require litigation in court.

Biden announced Monday that he would protect 625 million acres of ocean from offshore oil and gas drilling along the East and West coasts, the eastern Gulf of Mexico, and Alaska’s Northern Bering Sea. The president issued the ban through a provision of the 1953 Outer Continental Shelf Lands Act.

An order by Trump attempting to reverse the ban will likely end up in court and could ultimately be struck down.

During his first term, Trump tried to issue an executive order to reverse President Barack Obama’s use of the law to protect waters in the Arctic and Atlantic from offshore drilling. A federal court ultimately ruled that Trump’s order was not lawful and reversing the ban would require an act of Congress.

The Republican Party has a majority in both chambers of the new Congress.

Don’t miss these insights from CNBC PRO



Source

Stock futures are little changed after S&P 500, Dow rally to fresh highs: Live updates
World

Stock futures are little changed after S&P 500, Dow rally to fresh highs: Live updates

Traders work on the floor at the New York Stock Exchange in New York City, U.S., Jan. 6, 2026. Brendan McDermid | Reuters Stock futures traded near the flatline overnight after the S&P 500 and the Dow Jones Industrial Average notched fresh records. Futures tied to the 30-stock Dow added 24 points, or 0.07%. S&P […]

Read More
Prediction markets show rising odds Trump seizes Panama Canal, moves on Greenland
World

Prediction markets show rising odds Trump seizes Panama Canal, moves on Greenland

Prediction market traders ramped up bets that more international shake-ups may lie ahead in the wake of President Donald Trump’s raid on Venezuela. Traders on the burgeoning platforms have recently committed money based on where the White House might turn its focus next. The amped-up bets come as Wall Street and Main Street note the […]

Read More
‘Greenland belongs to its people’: European leaders unite over Trump’s threats to annex territory
World

‘Greenland belongs to its people’: European leaders unite over Trump’s threats to annex territory

This aerial view shows icebergs floating in the waters beaten down by the sun with buildings in the background off Nuuk, Greenland, on March 11, 2025, on the day of Greenland, the autonomous Danish territory, legislative elections. Odd Andersen | Afp | Getty Images European leaders on Tuesday issued a joint statement to push back […]

Read More