EJ Anthony, Chief Financial Economist of the EJ Heritage Foundation, discusses the congressional reconciliation bill, Biden's executive action on offshore oil and gas drilling and the U.S. unemployment numbers.
President Biden's last-minute move to Limit oil and gas production On his way out of the White House before President-elect Trump took office, he faced swift condemnation from business and energy groups.
With just two weeks left in the Oval Office, Biden on Monday issued an executive action banning new and further drilling. Oil and natural gas development In more than 625 million acres of US coastal and offshore waters.
Business and energy groups are calling on the Trump administration and Congress to lift the ban on offshore oil and gas drilling. (Photo by Mario Tama/Getty Images, Celal Gunes/Anadolu via Getty Images/Fox News)
Biden invoked the Outer Continental Shelf Lands Act of 1953, meaning Trump could be limited in his ability to repeal the measure. Congress may need to intervene Granting Trump authority to return federal waters to the development stage.
“My decision reflects what coastal communities, businesses and beachgoers have known for a long time: drilling on these beaches can cause irreparable damage to the places we hold dear and is unnecessary to meet our nation's energy needs,” Biden said in a statement. As the climate crisis threatens communities across the country and we transition to a clean energy economy, now is the time to protect these beaches for our children and grandchildren.
After the news was announced, trade and energy groups warned that the measure would be devastating to Americans and the economy, and called on the next administration and Congress to repeal it.
American Petroleum Institute President and CEO Mike Summers comments on Biden's recent ban on oil and gas drilling and the administration's ban on certain natural gas water heaters.
“Well, the American people certainly didn't vote for less energy development in the United States,” said Mike Summers, president and CEO of the American Petroleum Institute, in response to the news. In fact, Energy was on the ballot in this election and Energy won.”
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Summers added that the measure “is not what America voted for, and I am calling on the United States Congress today to repeal this new moratorium because it hurts consumers and undermines America's energy security.”
The U.S. Chamber of Commerce also quickly called on Congress and the incoming administration to “use all available tools to reverse” Biden's move.
Offshore gas platforms are seen at sunset on May 10, 2024, near Fort Morgan, Alabama. (Photo by J. David Ake/Getty Images/Getty Images)
“Capping US energy production is a bad idea,” Christopher Geith, senior vice president of the US Chamber's Global Energy Institute, said in a statement.
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“Americans want and need affordable, reliable, home energy,” Geith said. He noted that “President Biden's own Department of State concluded that the ban on marine leases will increase the emission of greenhouse gases in the world.”
Energy produced in America under strict environmental standards can be used here at home or exported to allies overseas, which is better for the climate, global security, and more. Our economyHe added.
President Biden invoked the Outer Continental Shelf Lands Act of 1953, meaning Trump could be limited in his ability to repeal the measure. (Reuters/Jonathan Ernst/File photo/Reuters photo)
Alfredo Ortiz, CEO of the Jobs Creation Network, slammed Biden's restrictions on offshore drilling.
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“President Biden is ending his presidency the same way he began: putting the concerns of hard-line environmentalists ahead of the American people,” Ortiz said. FOX Business. Instead, President Trump will pursue an energy policy that will reduce inflation, help small businesses, and make America affordable again.
Fox News' Daniel Wallace contributed to this report.