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Suncor Energy Newsroom
Biden has banned new offshore oil drilling along the Atlantic and Pacific coasts of the USA, and it will be difficult for Trump to reverse this decision.
① Biden has permanently prohibited oil companies from obtaining new Oil & Gas drilling leases in approximately 0.625 billion acres of offshore waters; ② The US Energy industry has expressed dissatisfaction and called on Trump to use all tools to overturn this policy; ③ Due to legal restrictions, Trump finds it difficult to simply reverse Biden's decision, while some Republican politicians in coastal states also support this policy.
Preparing for "Trump 2.0"? Hedge funds are increasing their Call on oil prices.
Bull positions in Crude Oil have increased by 41% over the past three weeks, with net long positions reaching the highest level since August of last year. For traders more focused on fundamentals, Trump's tough stance on Iran has made them reluctant to short; Trump's potential tariff policies raise inflation concerns, which has also prompted traders to hedge risks by going long on oil.
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Attention Oil & Gas Industry! Biden is about to make a big move, and this time Trump might have no solution...
① The President of the USA, Biden, is said to be issuing an executive order to permanently ban new offshore Oil & Gas development in certain coastal waters of the USA to ensure these areas have eco-friendly protection for coastal regions. ② This order is based on a 72-year-old law that grants the White House broad discretion to permanently protect USA waters from the impacts of Oil & Gas leasing.
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Before Trump took office, Biden would prohibit more offshore oil drilling.
According to informed sources, Biden will issue an executive order in a few days to prohibit the sale of new drilling rights in certain areas outside the continental shelf of the USA, but Trump is expected to order the repeal of these protective measures.
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