Why These Energy Stocks are Gaining This Week

2. Sable Offshore Corp. (NYSE:SOC) 

Share Price Gains Between Nov. 28 and Dec. 5: 29.06%

Sable Offshore Corp. (NYSE:SOC) is an independent upstream company focused on developing the Santa Ynez Unit in federal waters offshore California.

After falling to an all-time low at the end of November, Sable Offshore Corp. (NYSE:SOC) bounced back after it asked the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) to shift its Santa Ynez-Pentland Station pipeline under federal rather than state oversight, since it meets the definition of an interstate pipeline facility under the Pipeline Safety Act. If approved, the transition could allow the line to restart, since the Trump administration has reiterated its support for offshore drilling projects along the coast of California.

It’s also worth noting that if the aforementioned plan doesn’t work out, Sable Offshore Corp. (NYSE:SOC) has an alternative strategy in place, which would entail seeking federal clearance to transport the oil from the offshore platforms via shuttle tankers.