Energy Secretary Chris Wright directed Sable Offshore Corp., a Houston-based oil and gas company, to restore activity at the Santa Ynez Unit and the Santa Ynez Pipeline System located off the coast of Santa Barbara earlier this month.
President Trump on Friday invoked a Cold War-era law in a bid to boost oil production off Southern California's coast and meet demand in the wake of the Iran war. Why it matters: The president's signing of an executive order allowing use of the Defense Production Act shows he's trying to employ a variety of tools to try to tamp down the oil price shocks set off by the war. - It also sets up another confrontation with California Gov. Gavin Newsom (D), a potential 2028 presidential candidate and one of Trump's most persistent critics. Driving the news: The use of the Defense Production Act would preempt state laws and speed permitting for Sable Offshore Corp., a Houston company that has sought to restart production from California offshore…
President Trump on Friday invoked a Cold War-era law in a bid to boost oil production off Southern California's coast and meet demand in the wake of the Iran war. Why it matters: The president's signing of an executive order allowing use of the Defense Production Act shows he's trying to employ a variety of tools to try to tamp down the oil price shocks set off by the war. - It also sets up another confrontation with California Gov. Gavin Newsom (D), a potential 2028 presidential candidate and one of Trump's most persistent critics. Driving the news: The use of the Defense Production Act would preempt state laws and speed permitting for Sable Offshore Corp., a Houston company that has sought to restart production from California offshore…Open