The move is an effort to provide permanent protection of U.S. coastal waters and the communities that rely on them from oil and gas drilling and the risk of damaging oil spills, reported Bloomberg.
Meanwhile, Biden is leaving open the option of new oil and gas leases in western and central parts of the Gulf that provide roughly 14 percent of the country’s output, according to those familiar with the matter.
“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,” Biden said in a statement, as The Guardian reported. “In balancing the many uses and benefits of America’s ocean, it is clear to me that the relatively minimal fossil fuel potential in the areas I am withdrawing [does] not justify the environmental, public health, and economic risks that would come from new leasing and drilling.”
The ban includes the coasts of Washington, Oregon, California and part of Alaska’s Bering Sea.
Trump said when he resumes the presidency on January 20 he would “unban” oil and gas drilling in the area “immediately,” though it is not clear if he will have the ability to easily implement this.
The ban has no expiration date and may be difficult for Trump to overturn, both politically and legally.
What has been made evident by scientists is that the production of fossil fuels must be slashed in order to avoid the most extreme impacts of climate change.
The Biden administration’s action is being taken under the federal Outer Continental Shelf Lands Act of 1953, which gives the government authority over offshore resources. Eight presidents — including Trump — have previously withdrawn U.S. territory from fossil fuel drilling under the act. Trump used it to ban the extraction of oil and gas off the coasts of South Carolina, Georgia and Florida.
The law does not include an express provision allowing presidents to reverse a ban on drilling without going through Congress, however.
Environmental groups approved of the bipartisan decision, which would protect marine wildlife and coastal communities from future oil spills.
Calling it an “epic ocean victory!” Joseph Gordon, conservation nonprofit Oceana’s campaign director for climate and energy, joined other environmental groups in praising the action, reported The Guardian.
“No one wants an oil spill off their coast, and our hope is that this can be a bipartisan historic moment where areas are set aside for future generations,” Gordon said during a phone interview, as The Washington Post reported.
Industry groups were not as pleased, with National Ocean Industries Association President Erik Milito expressing a desire to keep some areas open to drilling.
“Even if there’s no immediate interest in some areas, it’s crucial for the federal government to maintain the flexibility to adapt its energy policy, especially in response to unexpected global changes like the Russian invasion of Ukraine,” Milito stated in an email, as reported by The Washington Post. “Blanket bans only serve to shift energy production and economic opportunities abroad, benefiting countries like Russia at our expense.”
The move is the most recent of the Biden administration’s 11th-hour climate policy decisions before Trump returns to the White House.
“Americans on both sides of the aisle support protecting our oceans from big oil giveaways,” said Evergreen Action Executive Director Lena Moffitt, as The Guardian reported. “President Biden’s bold action today underscores that we cannot afford the continued expansion of oil and gas production if we are to meet our climate targets and avoid the worst impacts of the climate crisis.”
This article originally appeared on EcoWatch.com and was syndicated by MediaFeed.org
More from MediaFeed
6 Ways to Build Better Business Credit in 2025
A strong business credit score allows the business to access better terms on loans and insurance and potentially even negotiate better agreements with suppliers.
In this article, we’ll explain the steps you need to take to build business credit, including:
- Registering your business with your state government
- Obtaining ID numbers like an EIN and a DUNS
- Opening business credit accounts
- Staying in good standing with lenders by paying bills on time
Ridofranz/istockphoto
Business credit, much like a personal credit score, is a rating that measures a business’s creditworthiness and likelihood to repay debts on time. Lenders, insurers, and suppliers use business credit scores to assess the risk of doing business with your company and determine what terms to offer.
A strong business credit score can lead to:
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Better terms with suppliers: Some suppliers may offer more favorable payment terms, such as discounts or longer payment periods.
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Lower interest rates: Lenders may offer lower interest rates to businesses with good credit.
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Better insurance rates: Due to lower perceived risk, insurance companies may reduce premiums on business liability, property, and other commercial coverage.
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Easier access to financing: When applying for a business loan
, a good credit score significantly improves your approval chances for credit lines and equipment financing, often with higher borrowing limits.
Building and maintaining a good credit score indicates a history of responsible borrowing and timely payments, setting up your business for financial success. And choosing the best businessloan lenders can boost your business to the next level.
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Building a strong business credit score requires consistent responsibility and effort across several key areas. Below, we discuss these areas and how to optimize your credit score in each category.
1. Register Your Business and Get an EIN
The first step is to register your business as a separate legal entity. This step establishes your business finances independently from your personal accounts. During registration, you’ll get an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This unique tax ID is essential for opening business bank accounts, establishing credit, and filing taxes.
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Dun & Bradstreet is the leading business credit bureau. Getting a Dun & Bradstreet Universal Number System (DUNS) number is a crucial step in building your credit profile. This 9-digit identifier links your business to the credit bureau. Lenders and creditors use this number to report payment history and track your creditworthiness. You can apply for a free DUNS number online.
While D&B exclusively focuses on business credit, two other major credit bureaus also track business credit scores: Equifax and Experian. Consider establishing your business with all three bureaus to build a comprehensive credit profile.
insta_photos/Istockphoto
The next step is to open a business credit card and manage it responsibly. Doing this consistently over time is an excellent way to build your business credit. Look for cards with cash back, discounts, or rewards points that match your needs. Always pay the card on time, and consider setting up autopay so you never miss a payment.
Popular credit card rewards types include:
- Category cash back: Earn higher rewards on specific business expenses like office supplies, utilities, internet services, and gas.
- Travel rewards: Redeem flight points, hotel stays, and car rentals.
- Flat-rate cash back: Earn the same percentage on all purchases, providing simple, predictable returns.
Kritchanut / istockphoto
Building strong relationships with suppliers can lead to trade credit opportunities. Once established, these accounts (often called net-30, net-60, or net-90 accounts) allow you to pay for goods or services within an agreed-upon time period after delivery—typically 30, 60, or 90 days.
Trade credit offers two major benefits: It helps manage cash flow by giving you time to pay for supplies, and it builds your credit history when suppliers report your timely payments to business credit bureaus.
Ridofranz / istockphoto
Whether you’re comparing different types of business loans, lines of credit, or financing on purchases, prioritize lenders who report your repayment activities to business credit bureaus like Dun & Bradstreet. This allows your positive payment history to contribute to building a strong credit score over time.
Drazen Zigic/istockphoto
Regularly reviewing your business credit reports from Dun & Bradstreet and other credit bureaus is essential for maintaining a strong credit profile. This monitoring helps you identify errors that could hurt your score.
Plus, it shows which factors you can improve. Most credit bureaus offer free business credit reports that detail your score and its contributing factors. For more help, best business loan lenders can provide you with features like 24-hour funding, penalty-free repayment and low rates.
Gam1983/istockphoto
Building a strong business credit score takes time and dedication, but it’s a worthwhile investment for your business’s long-term success. By following these steps and managing your finances responsibly, you’ll establish a credit profile that opens doors to better opportunities:
- Register your business and get an EIN
- Apply for business credit with Dun & Bradstreet and get a DUNS number
- Open a business credit card
- Establish trade lines with suppliers
- Choose lenders that report to credit bureaus
- Check and monitor your credit
Building a great credit score will allow you to access better loan terms from financial institutions, favorable rates with insurance providers, potential discounts, and better payment terms with suppliers.
This article originally appeared on Bestmoney.com and was syndicated by MediaFeed.org
Jacob Wackerhausen/Istockphoto
Jacob Wackerhausen / iStock
Featured Image Credit: Inzyx / iStock.
