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JUST IN: 🇺🇸 President Trump prepares to invoke Cold War-era powers to boost oil production off the Southern California coast, Bloomberg reports.

The move targets Sable Offshore Corp. (a Houston-based company), which aims to restart production from a cluster of existing offshore platforms in the Santa Ynez Unit near Santa Barbara. These platforms and associated pipelines have been largely idle due to regulatory hurdles, including state-level permitting issues, environmental concerns, and a federal consent decree stemming from past incidents like pipeline corrosion and spills.

Key details from the report:
Trump plans to use DPA authorities to preempt conflicting California state laws and streamline federal permitting, overriding some local and state barriers.

This is described as a "long-shot bid" to help alleviate the ongoing global crude supply crunch.

The crunch is driven by the current U.S. war with Iran, which has disrupted supplies (e.g., through the Strait of Hormuz) and pushed oil prices higher (U.S. crude recently topped $87/barrel despite some reserve releases).

This follows related developments:
A recent U.S. Justice Department legal opinion asserted that a presidential order under the DPA could override state objections and parts of prior federal agreements.

Interior Secretary Doug Burgum had previously indicated the DPA was under consideration for Sable's project.

Shares of Sable Offshore (SOC) surged significantly (over 20% in some reports) on the news, reflecting market optimism about potential production restart.