Trump Seeks California Petroleum Reserve, Boosting Sable Offshore

The Trump administration is in active talks to establish a strategic petroleum reserve in California, sending Sable Offshore shares up 7.7% pre-market to $13. This follows a May 28 federal court ruling that denied California's bid to block Sable's Santa Ynez pipeline, lifting the stock nearly 12% to $14.69. Three cabinet secretaries visited the site on June 1 amid ongoing clashes with the state over fossil fuels, while seven states sued June 2 to reverse the $928 million TotalEnergies offshore wind exit. The reserve plan marks the latest federal push to expand oil infrastructure despite state renewable priorities.