Bloomberg News: Trump will invoke emergency law to protect California oil producer Sable

Bloomberg News reported that U.S. President Donald Trump intends to invoke the 'emergency laws' for Sable Offshore in order to restart production from a cluster of offshore platforms located in California. A person familiar with this matter was quoted as saying so.

In?afternoon trade, shares of Sable rose by 16.3% to $16.75.

The report said that Trump was preparing to call in authorities under the?Defense Production Act? to preempt state law and to ease?permitting? for Sable.

Bloomberg reported that the planned order would pave the way for renewed production of oil off the southern California coast, allowing Trump to ease global crude supply shortages caused by his war against Iran.

Fuel prices in California are now higher due to the?U.S. and Israeli war against Iran. Gasoline prices were already rising.

Fuel prices have become a major political issue in California. Trump has stepped up his efforts to combat rising fuel prices in advance of the November midterm elections.

The White House Office and Sable Offshore did not respond immediately to requests for comments. Reporting by Vallari Shrivastava, Bengaluru. Editing by Alan Barona

(source: Reuters)