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Bloomberg: Obama set to use 1953 law to block drilling in Arctic, Atlantic

Dec. 19, 2016 6:45 PM ETShell plc (SHEL) StockXLE, IYE, OIH, VDE, IXC, PXE, PXJ, SHEL, E, IEO, XOP, BGR, FIF, RSPG, DUG, DIG, FXN, FCG, DDG, IPW-OLD, ERY, ERX, GASL, GASX, FRAK, NDP, FENY, CRAK, GUSH, DRIPBy: Carl Surran, SA News Editor55 Comments
  • Pres. Obama is ready to use a 1953 law to block the sale of new offshore drilling rights in much of the U.S. Arctic and parts of the Atlantic, perhaps as early as tomorrow, a move that could restrict oil production there indefinitely, Bloomberg reports.
  • The provision has been used sparingly to preserve coral reefs, walrus feeding grounds and marine sanctuaries, and a move to expand it to withdraw U.S. waters from future oil and gas leasing surely would draw a legal challenge, and there is scant legal precedent on the matter.
  • The move would block the sale of new oil and gas leases in most of the Chukchi and Beaufort seas north of Alaska, but likely would not affect drilling or production under existing leases, including 42 parcels owned by Royal Dutch Shell (RDS.A, RDS.B), Eni (NYSE:E) and others.
  • Environmentalists have been pressing for a decision, but such a move could backfire, as Republicans in Congress could repeal the law entirely so it could not be used to protect environmentally sensitive areas in the future.
  • ETFs: XLE, VDE, ERX, OIH, XOP, FCG, ERY, GASL, DIG, DUG, BGR, IYE, FRAK, IEO, IXC, FENY, PXE, IPW, GASX, FIF, PXJ, RYE, NDP, GUSH, DRIP, DDG, FXN, CRAK

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