Sable Offshore Corporation (NYSE:SOC) is one of them 10 Stocks Making Big Moves Today
Sable Offshore rose 15.06 percent on Wednesday to close at $16.58 apiece on renewed optimism for the resumption of full operations off the California coast.
This follows a report by Bloomberg that President Donald Trump is looking to intervene and use his emergency powers to shut down Sable Offshore Corp. (NYSE:SOC) to go ahead with resuming operations of the Las Flores offshore pipeline, which had been shut down for more than a decade due to a major oil spill.
Oil drilling platform. Photo by John-Ron Simmons Reit in Pixels.
Trump’s emergency powers could override state laws that currently prevent Sable Offshore Corp.’s ( NYSE:SOC ) pipeline from fully operating.
The report followed a legal opinion last week from an office under the Justice Department confirming that Trump’s emergency powers could override conflicting federal laws.
“An order issued by Congress as an exercise of delegated authority or the president’s constitutional powers has the force of federal law under the superseding clause and may conflict with state law,” said Thomas Elliot Geiser, assistant attorney general of the DOJ’s Office of Legal Counsel.
Sable Offshore Corp. (NYSE:SOC) already restarted operations at its offshore unit – Santa Ynez – in May last year, but is unable to sell or ship hydrocarbons through the Las Flores facility pending court approval.
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Read more: 30 stocks that should double in 3 years and 11 Secret AI Stocks to Buy Right Now.
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