Why These Energy Stocks Are Losing This Week

2. Sable Offshore Corp. (NYSE:SOC

Share Price Decline Between Jan. 16 – Jan. 23: 10.24%

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

Sable Offshore Corp. (NYSE:SOC) suffered a blow on January 23 after California’s attorney general, Rob Bonta, filed a lawsuit against the Trump administration ​for asserting federal authority to restart the company’s controversial oil pipeline in the state. Mr. Bonta called the federal government’s actions of reclassifying the Las Flores pipelines as interstate ‘an unlawful power grab’, as they run between two California counties.

The lawsuit marks the latest development in a fiery dispute between the Californian authorities and Sable Offshore Corp. (NYSE:SOC). The company scored a major win last month when the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved its request to shift the pipeline from state to federal oversight, citing a national energy emergency declared by President Trump last year. However, the project continues to face strong local resistance, and Sable was also hit with an emergency lawsuit seeking to block the restart on December 26.