Obama prepares to block drilling in Arctic, Atlantic: Bloomberg

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/1/2026

1. AMZN
2. RBLX
3. AAPL
4. RDDT
5. COIN
6. NBIX
7. DXCM
8. FND
9. GH
10. GDDY

December 19, 2016 7:23 PM EST

U.S. President Barack Obama participates in his last news conference of the year at the White House before leaving for his annual Hawaiian Christmas holiday in Washington, U.S., December 16, 2016. REUTERS/Carlos Barria

(Reuters) - U.S. President Barack Obama is preparing to block the sale of new offshore drilling rights in much of the U.S. Arctic and parts of the Atlantic, Bloomberg reported, citing two people familiar with the decision.

Obama's move, which could come as soon as Tuesday, will give him the liberty to withdraw U.S. waters from future oil and gas leasing, Bloomberg said on Monday.

It said Obama was expected to invoke a provision in a 1953 law that had been used sparingly until now to preserve coral reefs and marine sanctuaries.

Related actions by Canada may be announced around the same time, Bloomberg added.

The White House declined to comment.

(Reporting by Anya George Tharakan in Bengaluru; Additional reporting by Emily Stephenson in Honolulu; Editing by Peter Cooney)


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Reuters

Related Entities

Barack Obama