President Joe Biden is set to ban new offshore oil and gas development across 625 million acres of US coastal territory, Bloomberg News reported on Friday (Jan 3). The ban, to be announced on Monday, rules out the sale of drilling rights in stretches of the Atlantic and Pacific oceans and the eastern Gulf of Mexico, said the report, citing unidentified people familiar with the matter. Biden is leaving the possibility open for new oil and natural gas leasing in the central and western areas of