I'm Jerry Willis, and this is the Fox Business Rundown.

Monday, January 6, 2025.

The Biden White House announcing a ban on new offshore oil and gas drilling along most of the coastal U.S.

And the Trump team is reportedly considering pairing down their tariff

plans, two headlines that are already moving the markets.

So I think oil prices, one of your big risks here could go a lot higher.

And we don't want to be restricting drilling because we're going to need more supply.

Even though it's in balance right now, that can get out of whack really quickly.

So you kind of need

all hands on deck here when it comes to oil production. We still need fossil fuels, no matter what the

Biden administration tells here. On Monday, President Biden announced executive action to ban new

offshore oil and gas drilling along more than 625 million acres of American Ocean Front. In a statement, the president saying

his decision was based on protecting coasts from irreversible damage and is unnecessary to meet

our nation's energy needs. This, of course, is at odds with the incoming Trump administration's

agenda to increase domestic energy production.

The Trump team responded quickly to the move on social media, saying they expect this

decision will fail and we will drill baby drill.

Oil prices have risen in the past few months.

We'll look at how this development may impact our nation's energy output going forward.

And after many questions surrounding how a Trump

tariff offensive could affect American trade, now reporting from the Washington Post this morning,

has suggested the Trump team is considering narrowing the scope of the tariffs. Aides who spoke

...