preCharge News POLITICS — U.S. President Donald Trump is likely to clear a path to restarting oil production in coastal California as part of a move to alleviate oil supply issues tied to the Iran War, per Bloomberg.

Trump plans to ratchet back the regulatory and legal requirements needed for Sable Offshore to produce oil, the publication reported Wednesday, citing a person familiar with the matter. The president would  invoke the Defense Production Act, a Cold War-era law, to enable operations to restart.

The potential move comes as the Trump administration faces considerable pressures to tackle sky-high oil prices ahead of midterm elections that are expected to favor congressional Democrats.

This is a developing news story. More information will be provided as soon as it becomes available. 

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.