- Environmental activists including billionaire Tom Steyer are applying increasing pressure on the Obama administration to use an obscure 1953 law to permanently ban drilling off the U.S. Atlantic and Arctic coasts.
- The move would invoke provision 12(a) of the Outer Continental Shelf Lands Act, which has been used to preserve coral reefs and walrus feeding grounds, and could be permanent without Congressional revocation of the authority.
- Not all environmentalists agree that invoking 12(a) is a good idea, since the action could provoke Republicans in Congress into repealing 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, XES, IYE, IEO, FENY, IEZ, PXE, GASX, FIF, PXJ, RYE, NDP, GUSH, DRIP, DDG, FXN, CRAK
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Activists eye 1953 law to permanently ban drilling ahead of Trump takeover
Published 11/15/2016, 06:43 PM
Activists eye 1953 law to permanently ban drilling ahead of Trump takeover
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