Biden Bans New Oil and Gas Drilling in 625 Million Acres of Federal Waters

https://www.theepochtimes.com/us/biden-bans-new-oil-and-gas-drilling-in-625-million-acres-of-federal-waters-5786858

The executive order prohibits offshore drilling in large areas of the Atlantic and Pacific oceans.

President Joe Biden on Jan. 6 said he is banning new oil and gas drilling in more than 625 million acres of U.S. ocean, including the Atlantic Ocean, off the East Coast, and the Pacific Ocean, off the West Coast.

Biden’s order, issued using authority from the Outer Continental Shelf Lands Act, also applies to portions of the Northern Bering Sea in Alaska and the eastern Gulf of Mexico, the White House said.

The president said that the areas he is withdrawing from fossil fuel use show “relatively minimal potential” that does not justify possible environmental, public health, and economic risks that would come from new leasing and drilling.

“I am taking action to protect the East and West coasts, the eastern Gulf of Mexico, and Alaska’s Northern Bering Sea from oil and natural gas drilling and the harm it can cause,” Biden, who is set to leave office on Jan. 20, said in a statement. “My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation’s energy needs. It is not worth the risks.

“As the climate crisis continues to threaten communities across the country and we are transitioning to a clean energy economy, now is the time to protect these coasts for our children and grandchildren.”

The ban on future oil and natural gas leasing has no expiration date.

A spokeswoman for President-elect Donald Trump said that Biden’s move was “a disgraceful decision“ at odds with the mandate given by the American people to Trump to increase drilling and lower gas prices. She added, ”Rest assured, Joe Biden will fail, and we will drill, baby, drill.”

The American Petroleum Institute, an oil and gas trade association, also panned the move.

“American voters sent a clear message in support of domestic energy development, and yet the current administration is using its final days in office to cement a record of doing everything possible to restrict it,” Mike Sommers, the institute’s president and CEO, said in a statement.

Some environmental advocates hailed Biden’s action.

“This is an epic ocean victory!” said Joseph Gordon, campaign director for the environmental group Oceana.

Gordon thanked Biden “for listening to the voices from coastal communities” that oppose drilling and “contributing to the bipartisan tradition of protecting our coasts.”

The Associated Press contributed to this report.

Gov. Hochul Signs Legislation To Further Protect, Restore Environment

https://www.wrfalp.com/gov-hochul-signs-legislation-to-further-protect-restore-environment/

Governor Kathy Hochul has signed legislation to further protect and restore the environment.

One bill signed requires large fossil fuel companies to pay for critical projects that protect New Yorkers. The legislation creates a ‘Climate Superfund’ to support New York-based projects that bolster New York’s resiliency to dangerous climate impacts like flooding and extreme heat. This landmark legislation shifts the cost of climate adaptation to the fossil fuel companies most responsible for the pollution.

The Climate Change Adaptation Cost Recovery Program law ensures that these companies contribute to the funding of critical infrastructure investments, such as coastal protection and flood mitigation systems, to enhance the climate resilience of communities across the state.

Another climate law signed by Hochul expands upon New York State’s 2014 prohibition of high-volume hydraulic fracturing to extract natural gas. The legislation amends the State Environmental Conservation Law to prohibit the use of carbon dioxide in gas or oil extraction to prevent potential negative health or environmental effects from carbon dioxide fracking in the state.

Goldman pushes back $3,000 gold forecast on fewer US rate cuts

https://www.mining.com/web/goldman-pushes-back-3000-gold-forecast-on-fewer-us-rate-cuts/?

Goldman Sachs Group Inc. said it no longer sees gold reaching $3,000 an ounce by the end of the year, pushing the forecast to mid-2026 on expectations the Federal Reserve will make fewer rate cuts.

Slower monetary easing in 2025 is set to crimp demand for bullion-backed exchange-traded funds, causing analysts including Lina Thomas and Daan Struyven to project prices will hit $2,910 an ounce by year-end. Weaker-than-expected ETF flows in December — driven by easing uncertainty after the US election — also contributed to a lower starting point for pricing into the new year, they wrote in a note.

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“Opposing forces — lower speculative demand and structurally higher central bank buying — have effectively offset each other, keeping gold prices range-bound over the past few months,” the analysts said, adding that central banks’ appetite will remain a key driver for prices in the longer-term. “Looking ahead, we forecast monthly purchases to average 38 tons through mid-2026.”

The precious metal surged 27% last year in a record-breaking run that was supported by monetary easing in the US, safe-haven demand, and sustained buying by the world’s central banks. The rally stalled in early November, however, as Donald Trump’s US election victory buoyed the dollar. More recently, gold has been under pressure as Fed officials have emphasized the need to take a more cautious approach to reducing borrowing costs this year amid renewed concerns about inflation.

Goldman’s economists now expect 75 basis points of interest rate cuts this year, down from a previous outlook of 100 basis points. The forecast is more dovish than current market pricing, as the bank sees underlying inflation trending lower. The economists also expressed skepticism that likely policy changes under the second Trump administration will lead to higher interest rates.

(By Sybilla Gross)

China’s 2025 iron ore imports set to hit new high even as steel demand dwindles

https://www.mining.com/web/chinas-2025-iron-ore-imports-set-to-hit-new-high-even-as-steel-demand-dwindles/?

China’s iron ore imports are likely to hit a new high in 2025 as traders stockpile cheap ore for the world’s top consumer despite a protracted property crisis continuing to weigh on Chinese steel demand, traders and analysts said.

The country’s imports of the key steelmaking ingredient will likely rise by between 10 million and 40 million metric tons to up to 1.27 billion tons this year, up from what forecasters expect to be record volumes in 2024, seven analysts and two traders said in a Reuters survey.

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Higher imports will mainly be driven by growing supply from major producers including Australia and Brazil, they said, as miners look to sell ore before the giant Simandou iron ore project begins production later this year and floods the market with new supply.

Iron ore prices are expected to fall to between $75 and $120 a ton in 2025, the survey showed, versus $88 to $144 a ton in 2024, according to data from consultancy Steelhome.

“Our base case assumes a moderate surplus in 2025 and prices holding up around $95-100/t,” said Myles Allsop, UBS’ head of EMEA mining.

“We see the surplus getting larger in 2026/27 driving prices deeper into the cost curve.”

Weakness in the steel sector, which consumes the bulk of iron ore, means imports are likely to grow Chinese port stockpiles to up to 170 million tons in 2025, said analysts. Stocks are already up 28.3% on-year to 146.85 million tons as of Dec. 27.

Happy New Year 2025! God Bless America!