US Mulls Emergency Powers for Sable Oil Project, Burgum Says (1)

The US is considering using the emergency powers of a Cold War-era law to ease permitting for Sable Offshore Corp.’s contested plans to drill oil off the coast of California.

The 1950s Defense Production Act, which gives the president broad powers over domestic industry, is “absolutely” under deliberation to help Sable, US Interior Secretary Doug Burgum said Thursday in an interview. Shares rose 12% on the news and are up more than 60% this week as investors positioned ahead of a possible move by the Trump administration.

Earlier this week, a Department of Justice attorney published a legal opinion ...