U.S. President Donald Trump is reportedly set to summon authorities under the Defense Production Act to preempt state laws and ease permitting for Sable Offshore Corp. (SOC) to restart significant production from a cluster of offshore platforms in California.
According to a Bloomberg News report, a White House official said that any policy announcement would come directly from the president.
The efforts come at a time when the U.S.-Israel war with Iran has disrupted global supply of oil and other key energy products due to the blockade of Strait of Hormuz by Iran.
Shares of SOC jumped 28% at the time of writing.
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