President Joe Biden has made a significant move by announcing a ban on offshore oil and gas extraction in the US. The ban covers more than 625 million acres of the US ocean, including the East and West coasts, the eastern Gulf of Mexico, and Alaska’s Northern Bering Sea. This decision comes just days after former President Donald Trump criticized the UK’s similar crackdown on North Sea drilling, calling it a “big mistake.”
Biden’s ban on offshore drilling is aimed at protecting America’s oceans and coasts, with the President stating that drilling in these areas could cause irreversible damage and is unnecessary to meet the country’s energy needs. He referred to the Deepwater Horizon oil spill as a “solemn reminder” of the risks involved in offshore drilling. The 2010 accident claimed 11 lives and resulted in millions of barrels of oil spilled into the Gulf of Mexico.
However, Trump has vowed to reverse the ban “on day one,” stating that the US has abundant oil and gas resources that should be utilized. He believes that the country’s energy assets are its greatest economic advantage. The announcement of the ban caused the cost of Brent crude oil to rise initially before stabilizing around $76.50 a barrel.
While reversing Biden’s ban may seem straightforward, the President has issued two Presidential Memoranda prohibiting all future oil and natural gas leasing in the affected areas with no expiration date. Biden is using his authority under a law from 1953 to permanently protect US waters from oil and gas leasing, making it challenging for future presidents to revoke such designations.
Biden’s swift action on environmental measures follows Trump’s victory in November, with the former President advocating for increased drilling, pipelines, and refiners. Trump has been critical of green energy initiatives, calling them a “scam” and vowing to undo many of the green subsidies introduced by the Democrats.
Overall, Biden’s ban on offshore drilling marks a significant shift in US energy policy, prioritizing environmental protection and sustainability. The decision has drawn both praise and criticism, highlighting the ongoing debate surrounding the country’s energy future.