The memorandum, issued by the Executive Office of the President, withdraws certain areas of the United States Outer Continental Shelf from being available for oil and natural gas leasing. This decision affects regions in the Gulf of Mexico, the Atlantic, and the Pacific, considering the protection of fragile marine ecosystems, coastal environments, and the need to mitigate climate change. The withdrawal applies indefinitely and does not impact rights under existing leases in these areas.
Simple Explanation
The President's office decided that some parts of the ocean near the US won't be used for getting oil or gas anymore, to help protect the water and animals there and also to help fight climate change. This decision doesn't change any deals that were already made for those areas, and they didn't say when or if this will change in the future.