The gasoline price surge is reigniting political chatter about suspending the federal tax on the fuel to help consumers, thanks to a recent round of populist proposals from high-profile Democrats.

Why it matters: It's one of those go-to ideas that never actually happens, but often surfaces when prices climb.

• Congress would have to approve a suspension of the gas tax, and so far, it never has.
• But political winds could shift in these not-normal times, with no end in sight to the throttling of global oil shipments.

The big picture: Pump costs are spiking anew this week, with the U.S. average $4.48 per gallon today, per AAA, and more increases looming.

• Suspending the 18.3-cent-per-gallon gas tax and 24.3-cent diesel tax would bring some relief to consumers.
• But it wouldn't come close to offsetting the nearly $1.50-per-gallon gas price jump since the war started.

By the numbers: In late April, when gasoline prices were lower but still well above $4, the Bipartisan Policy Center estimated that suspending the tax would cut retail prices by 9%-14% per gallon.

• Most, but not all, of the suspension gets passed along to consumers, it notes, because suppliers take a cut.
• And a tax holiday, depending on the duration, would slash federal revenues used for maintaining the nation's highways.

Catch up quick: Some high-profile Democratic politicians are pressing the idea now.

• One is James Talarico, the Democratic Senate nominee in Texas, who may be competitive-ish in his closely watched race.
• Talarico's April proposal targets both the gasoline tax and the diesel tax.
• Another is Sen. Mark Kelly (Ariz.), a potential White House candidate, who floated legislation in March.

State of play: The respected energy consultancy Rapidan Energy Group sees 25% odds — hardly trivial! — that Congress takes the leap.

• Those odds will rise the longer the disruption persists and the more prices climb, Glenn Schwartz, the firm's director of energy policy, tells me via email.

Yes, but: It's not among President Trump's various policies in recent weeks to ease the price shock. But the White House isn't shutting any doors.

• "While the administration is always considering ways to mitigate these short-term disruptions in the energy markets, a gas tax suspension is not currently under consideration," a White House official said.

Reality check: While Georgia and Indiana have temporarily suspended certain state fuel taxes, it's not clear if there's a groundswell in either party in Congress.

• "I'm not sure a gas tax suspension will get any momentum because this is a crisis the Trump administration created and only they can end," Josh Freed, senior VP for energy at the centrist Democratic think tank Third Way, tells Axios.

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⚛️ The new joint venture between Brookfield and The Nuclear Company shows how startups are gaining momentum in the traditionally conservative and regulated nuclear sector.

• Catch up quick: The investment giant and the nuke development startup formed a company to build Westinghouse designs — starting with the unfinished, two-reactor VC Summer project in South Carolina that utility Santee Cooper is looking to offload. Go deeper via Axios Pro

🌊 Panthalassa, the wave-energy startup aiming to power AI chips at sea, raised $140 million in Series A money led by Peter Thiel, with participation from a bunch of VC heavyweights.

• Why it matters: The AI boom is bringing interest and cash into power technologies that are way off the beaten path. The deal values the Oregon-based startup at close to $1 billion, per the FT.
• Zoom out: "The future demands more compute than we can imagine," Thiel said in a statement. "Extra-terrestrial solutions are no longer science fiction. Panthalassa has opened the ocean frontier."
• What's next: More testing, and hopes for commercial-scale deployment in 2027.

♨️ Geothermal startup Fervo Energy's new IPO price filing is a nice example of the nexus between next-gen power sources and the AI boom.

• Catch up quick: The topic surfaces dozens of times, both in touting the market opportunity and the risks involved.

Talk to our sales team about Axios Pro Deals for a steady diet of scoops and smart analysis.

⚔️ The pushback against the Trump administration's buyout of offshore wind leases is expanding.

• The latest: The California Energy Commission issued an "administrative investigative subpoena" to Golden State Wind. It's one of three companies to date to reach deals with the Interior Department to redirect investment into oil and gas.
• What we're watching: Capitol Hill probes could await if Democrats regain control of either chamber in the midterms. Top Democrats on two House committees are already seeking info from TotalEnergies, which struck the first and thus far largest deal with Interior.

⚠️ Take us to Defcon 3. The North American Electric Reliability Corporation — a key grid monitor — issued a rare Level 3 alert about risks of large data centers unexpectedly disconnecting from the power system.

• Why it matters: The group has observed several cases of "unexpected disconnection of computational loads" that can create "significant oscillations" in seconds, threatening grid stability.
• What we're watching: The nonprofit, which sets reliability standards, is offering new recommendations to address the risks.
• The bottom line: It's the group's "most urgent warning about the risks data centers pose to the power system, setting the stage for greater regulation of the industry," Latitude Media reports.

⏸️ Defense Department reviews are now holding up over 150 onshore wind projects, per E&E News and the NYT, while the FT has it around 165.

• Catch up quick: Axios' Amy Harder first broke the news of delays in March.

⚖️ The Justice Department filed suit to terminate Minnesota's litigation that seeks damages from oil companies due to climate change.

• Why it matters: It's the latest move in a push by Trump officials and business groups to thwart such cases that states and local governments have filed in recent years.
• Catch up quick: The Supreme Court in February agreed to hear a case that could determine whether the various cases can be heard in state courts, which are seen as a friendlier venue than federal circuits. Go deeper

Shale heavyweight Diamondback Energy is producing 520,000 barrels per day of oil, up 3% from its initial guidance this year.

Why it matters: It shows that some U.S. producers, while they can't replace the massive Mideast losses, will at least slightly boost output amid attractive prices.

• "[W]e believe there is a legitimate supply-demand imbalance and that the associated price signal is the catalyst to begin to grow production," CEO Kaes Van't Hof said in a letter to shareholders (h/t @JavierBlas).

Go deeper: The Dallas Fed recently surveyed oil and gas execs on the topic, finding plans for modest increases.