Bloomberg reports President Obama is preparing to invoke a provision in a 1953 law that allows him to withdraw U.S. waters from future oil and gas leasing.
The so-called 12(a) provision would restrict sales of new offshore drilling rights in much of the U.S. Arctic and parts of the Atlantic territorial waters. The U.S. Arctic is estimated to hold 27 billion barrels of oil and 132 trillion cubic feet of natural gas.
The move has support from environmental leaders and has been called "incredibly short-sighted" by the American Petroleum Institute.
The legal precedent to use the 12(a) provision will be interesting. President-elect Trump may rescind Obama's order, but the 1953 statute doesn't include a provision for reversal.
What then? Read more in Bloomberg.com's article here: