President Joe Biden is set to prohibit new offshore oil and gas drilling across 10 million acres of US coastal waters. This decision will impact regions in the Gulf of Mexico and Alaska, aiming to protect marine life and reduce environmental impact. The ban will not affect existing leases or permits. This move could influence energy companies’ future exploration plans and potentially affect oil and gas production levels in the US. The policy reflects a shift towards more sustainable energy practices, potentially impacting the fossil fuel industry’s growth trajectory.
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