In a “long-shot bid” to help ease the global crude supply crunch spurred by his war with Iran, President Donald Trump is preparing to invoke the Defense Production Act to preempt state laws and ease permitting for Sable Offshore (SOC), which is looking to restart significant oil production from a cluster of offshore platforms in California, reported Bloomberg’s Jennifer Dlouhy and Nathan Risser. Sable Offshore shares have jumped $2.26, or 16%, to $16.67 in afternoon trading following the report.
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