Anthony, a public finance expert at EJ Heritage, discusses Congress’ reconciliation bill, Biden’s executive actions on offshore oil and gas drilling and US unemployment numbers
President Biden moved at the last minute to Restricting oil and gas production On his way out of the White House before President-elect Trump took office, he was met with swift condemnation from business and energy groups.
With just two weeks left in the Oval Office, Biden issued an executive action on Monday banning new drilling and more Oil and natural gas development On more than 625 million acres of U.S. coastal and marine waters.

Business and energy groups are urging the incoming Trump administration and Congress to rescind Biden’s ban on offshore oil and gas drilling. (Photo by Mario Tama/Getty Images, Celal Gunes/Anadolu via Getty Images/Fox News)
Biden invoked the 1953 Outer Continental Shelf Lands Act, meaning Trump’s ability to overturn the measure may be limited. Congress may need to intervene To give Trump the authority to return federal water to development.
“My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts can cause irreparable damage to the places we cherish and is unnecessary to meet our nation’s energy needs,” Biden said in a statement. “It’s not worth the risk. As the climate crisis continues to threaten communities across the country as we transition to a clean energy economy, it’s time to protect these coasts for our children and grandchildren.”
Following the announcement, business and energy groups warned that the move would be devastating for Americans and the economy, and urged the incoming administration and Congress to reverse it.
American Petroleum Institute President and CEO Mike Sommers comments on Biden’s recent ban on oil and gas drilling and the administration banning some natural gas-fired water heaters.
“Well, the American people certainly did not vote to reduce energy development in the United States,” Mike Sommers, president and CEO of the American Petroleum Institute, told FOX Business’ “Morning with Maria” in response to the news. “In fact, energy was on the ballot during this election, and energy won.”
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Somers added that this measure “is not what America voted for, and I call on the US Congress today to lift this new freeze, because it will harm consumers and undermine American energy security.”
The US Chamber of Commerce was also quick to call on Congress and the incoming administration to “use all available tools to reverse” Biden’s move.

A silhouette of offshore gas platforms is seen against the setting sun on May 10, 2024, near Fort Morgan, Alabama. (Photo by J. David Ackie/Getty Images/Getty Images)
“Restricting American energy production is a bad idea,” Christopher Ghaith, senior vice president of the U.S. Chamber of Commerce’s Global Energy Institute, said in a statement.
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“Americans want and need domestic, reliable, affordable energy,” Ghaith said, noting that “President Biden’s Department of the Interior concluded that banning overseas leasing would increase global greenhouse gas emissions.”
“Energy produced in America under strict environmental standards can be used here at home or exported to allies abroad, which is better for the climate, global security, and the world.” Our economyHe added.

President Biden cited the Outer Continental Shelf Lands Act of 1953, meaning Trump’s ability to repeal the measure may be limited. (Reuters/Jonathan Ernst/Archive Photo/Reuters Photos)
Alfredo Ortiz, CEO of the Job Creators Network, issued a sharp rebuke of Biden’s restrictions on offshore drilling.
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“President Biden is ending his term the same way he began it: by putting the concerns of extreme environmentalists before the American people,” Ortiz said. Fox Business. “In stark contrast, President Trump will pursue a ‘drill, baby, drill’ energy policy that will reduce inflation, help small businesses, and make America affordable again.”
Fox News’ Danielle Wallace contributed to this report.
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