President Trump’s “Drill, baby, drill” initiatives may cause a demand spike for offshore drillers. Trump signed an executive order attempting to remove former President Biden’s permanent offshore drilling ban over 625 million acres of federal waters. This includes the Eastern Gulf of Mexico, the Pacific coasts of Oregon, California, Washington, the Atlantic Coast, and Alaska’s Bering Sea. Trump plans to expedite the approval of permits to drill on federal lands in an effort to increase domestic oil production and bring energy prices down. Here are three drillers in the oils/energy sector that could benefit from the rising demand for offshore drilling.
