EJ Heritage Foundation Public Finance Economist EJ Anthony discusses the congressional reconciliation bill, Biden's executive actions on offshore oil and gas drilling and the U.S. unemployment numbers.
Last minute move by President Biden Limiting oil and gas production President-elect Trump faced sharp criticism from business and energy groups on his way out of the White House before taking office.
With just two weeks left in the Oval Office, Biden issued an executive action on Monday that banned new drilling and more Oil and natural gas development More than 625 million acres of U.S. coastal and coastal waters.
Business and energy groups have called on the incoming Trump administration and Congress to repeal Biden's offshore oil and gas drilling ban. (Photos via Mario Tama/Getty Images, Celal Gunes/Anadolu Getty Images/Fox News)
Biden invoked the 1953 Outer Continental Shelf Lands Act, meaning Trump could be limited in his ability to rescind the move and Congressional intervention may be necessary Giving Trump authority to turn federal waters back to development.
“My decision reflects what coastal communities, businesses and beachgoers have long known: dredging off these shores can cause irreversible damage to the places we love and is unnecessary to meet our nation's energy needs,” Biden said in a statement. “It's not worth the risk. As the climate crisis threatens communities across the country and as we transition to a clean energy economy, now is the time to protect these shores for our children and grandchildren.”
After the announcement, business and energy groups warned that the move would be devastating for Americans and the economy and called on the incoming administration and Congress to reverse it.
American Petroleum Institute President and CEO Mike Sommers weighed in on Biden's recent oil and gas drilling ban and the administration's ban on some natural gas water heaters.
“The American people certainly did not vote for less energy development in the United States,” Mike Sommers, president and CEO of the American Petroleum Institute, told Fox Business' “Morning with Maria” in response to the news. “In fact, energy was on the ballot during this election, and energy won.”
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Somers added that the action is “not what America voted for, and I'm calling on the United States Congress today to lift this new moratorium, because it's going to hurt consumers and it's going to hurt American energy security.”
The US Chamber of Commerce also called on Congress and the incoming administration to “use all available tools to reverse” Biden's move.
Offshore gas rigs are silhouetted against the setting sun on May 10, 2024, near Fort Morgan, Alabama. (Photo by J. David Ake/Getty Images/Getty Images)
“Capping U.S. energy production is a bad idea,” Christopher Guith, senior vice president of the U.S. Chamber's Global Energy Institute, said in a statement.
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“Americans want and need affordable, reliable, homegrown energy,” Guith said, adding that “President Biden's own Interior Department has concluded that banning offshore leasing will increase global greenhouse gas emissions.”
“Under strict environmental standards, energy produced in America can be used here at home or exported to allies abroad, which will protect the climate, global security and our economy” he added.
President Biden invoked the 1953 Outer Continental Shelf Lands Act, meaning Trump may be limited in his ability to rescind the move. (Reuters/Jonathan Ernst/File Photo/Reuters Photo)
Job Creators Network CEO Alfredo Ortiz issued a scathing rebuke of Biden's offshore drilling restrictions.
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“President Biden is ending his term the way he began it: putting the concerns of radical environmentalists before the American people,” Ortiz said. Fox business. “In stark contrast, President Trump will pursue a 'drill, baby, drill' energy policy that will reduce inflation, help small businesses and make America affordable again.”
Fox News' Daniel Wallace contributed to this report.