Donald Trump says he will reverse the ban, even though he put temporary protections in place before the 2020 presidential election.

President Biden on Monday banned future oil and natural gas drilling and leasing off of Florida's coasts. His executive actions add 334 million acres of the Atlantic coast from Canada to the southern tip of Florida and the east coast of the Gulf of Mexico for a total of over 625 million acres of protected waters surrounding the United States.

President Joe Biden's move to protect offshore areas is largely symbolic, but the economic factors that may limit oil output gains are very real.