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Stock impact report

Sable (SOC) Soars 37% on Renewed Hopes for California Pipeline [Yahoo! Finance]

Sable Offshore Corp. (SOC) 
Company Research Source: Yahoo! Finance
Sable Offshore extended its winning streak to a fifth consecutive day on Thursday, jumping 37.51 percent to finish at $13.88 apiece, as investor sentiment was fueled by the Department of Justice's (DOJ) confirmation that a presidential order could override federal laws—sparking hopes for the company's full resumption of oil and gas operations off the coast of California. Thomas Elliot Gaiser, assistant attorney general for the DOJ's Office of Legal Counsel, confirmed in an opinion that a presidential order could preempt California laws currently impeding Sable Offshore Corp. (NYSE:SOC) from fully operating its Las Flores onshore pipeline system. Photo by Karolina Grabowska on Pexels “We conclude that it would. An order issued as an exercise of congressionally delegated authority or the President's constitutional powers has the force of federal law under the Supremacy Clause and may preempt contrary state law,” Gaiser said. “Because the DPA (Defense Production Act) authorizes Show less Read more
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