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Illustration: Aïda Amer/Axios

The powerful American Petroleum Institute and GOP senators are attacking big banks’ financial restrictions on Arctic oil drilling — and mulling ways to go beyond just verbal pushback.

What they’re saying: “We don’t think it’s appropriate for banks to discriminate against fossil-fuel communities,” API president Mike Sommers tells Axios.

  • “We’re working with the administration and others to ensure that does not occur," he said.

Why it matters: The growing number of banks vowing not to stake Arctic projects is another hurdle in front of White House plans to enable drilling in the Arctic National Wildlife Refuge.

  • More broadly, Arctic development is already facing strong headwinds due to low prices, low demand, and industry opportunities in less controversial regions.

Where it stands: The administration may try to use coronavirus relief policies as leverage to compel major U.S. banks to drop recent restrictions they’ve placed on Arctic oil and gas financing, per Sommers and President Trump himself.

  • “A number of these banks are seeking to participate in the programs that are part of the COVID response,” Sommers said. “And you’d think the administration would have significant leverage over these banks during this crisis.”

Meanwhile, Politico reports that GOP lawmakers plan to launch a "pressure campaign" against the banks.

  • It's not clear what realistic options they have in a divided Congress, but Alaska Sen. Dan Sullivan offers this threat via Politico: "You think this is a cost-free action? Let's see about that."

Catch up quick: In just the last few months, five out of six of America’s biggest banks have announced new restrictions, Bloomberg reports.

  • The moves — the latest coming from Morgan Stanley in late April — are part of the banks’ broader pledges to support action on climate change and clean energy. 

Go deeper

Ben Geman, author of Generate
Jul 29, 2020 - Energy & Environment

Trump heads to Texas oil patch as “dominance” agenda teeters

Data: FactSet; Chart: Axios Visuals

President Trump will tout his policy of "restoring energy dominance" in Texas oil country Wednesday, but market forces, OPEC and a raging pandemic are complicating his plans.

Driving the news: Trump's swing through the state today includes a visit in Midland to a Double Eagle Energy oil rig and speech on energy, and a fundraiser in Odessa.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 14 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

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