Biden Blocks Offshore Oil Production

President Biden, in his final days in the White House, has implemented new restrictions to offshore oil drilling before Donald Trump starts his pro-oil policies.

The lame duck president blocked the continued development of offshore oil drilling in over 625 million acres of U.S. coastal waters, citing ineffective capabilities at combating the nation's energy problem.

For the past few years, crude oil prices have skyrocketed due to the lack of supply compared to rising demand post-pandemic. As a result, gas has become out of reach for many Americans, and the president has faced the blame for the crisis. Thus, he is trying to combat the crisis, albeit through less efficient strategies.

This policy change came after the president stated in a conversation that he is actively trying to fight climate change before the arrival of the former president.

Oil stocks like ExxonMobil, which relies on U.S. offshore oil drilling, are expected to plummet today, as these companies may not have a lot of room to grow.