Trump to Invoke Emergency Powers for California Oil Producer Sable

U.S. President Donald Trump is preparing to invoke emergency powers under the Defense Production Act for Sable Offshore, a California oil producer. This move aims to restart production from a cluster of offshore platforms in California and ease permitting requirements.

The planned order would also pave the way for renewed oil production off the southern California coast, which could help alleviate the global crude supply crunch spurred by Trump's war with Iran. Oil prices have surged due to this conflict, making fuel more expensive for consumers in California, where gasoline prices were already increasing.

Fuel prices are a key political pressure point in California, and Trump is trying to tackle rising fuel costs ahead of the midterm elections in November. Sable Offshore's shares rose 16.3% to $16.75 in afternoon trading after Bloomberg News reported on this development.