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The issue

President Trump and his top advisers will be taking credit for America's boom in oil and natural gas as part of this White House-themed Energy Week. "For years, Washington stood in the way of our energy dominance," Energy Secretary Rick Perry said Monday, "and that changes now."

The facts

The big rise in oil and natural gas production occurred mostly regardless of — not despite — Obama. His administration did issue rules the oil and gas industry said were onerous, but they weren't nearly as restrictive as many Democrats had wanted. The Energy Department under Obama also streamlined the process for exporting liquefied natural gas, which encouraged more natural-gas production.

America's oil and gas boom has been fueled mostly by private-sector applications of two extraction technologies since 2007: hydraulic fracturing and horizontal drilling. Federal research and development money over the decades from Democratic and Republican administrations alike also helped. Trump's budget proposes slashing funding for the Energy Department's office of fossil energy, which in the past has helped fund extraction technologies.

Why it matters

There aren't many policy levers the Trump administration can pull that would make America a bigger oil and gas producer than it already is, especially in the short-term, because the trend is fueled by market and technology developments, not policy. That's something to keep in mind amid the bullish rhetoric coming out of the Trump White House this week. Longer term policies, like opening up drilling access to federal waters and lands, could have an impact if prices stay high enough — another reminder of the market's overriding influence.

Go deeper

Drought, record heat wave in West tied to climate change

People on Folsom Lake in Granite Bay, California, U.S., June 16, 2021. Photo: David Paul Morris/Bloomberg via Getty Images

The prolonged and widespread heat wave in the West, along with the region's increasingly severe drought, is a sign of how climate change has already tilted the odds in favor of such extremes, studies show.

Why it matters: The rapidly growing Southwest, in particular, is also the nation's fastest-warming region. The combination of heat and drought could lead to a repeat, or even eclipse, the severity of 2020's wildfire season in California and other states.

Ben Geman, author of Generate
3 hours ago - Energy & Environment

What to watch as infrastructure talks heat up

Illustration: Annelise Capossela/Axios

A mix of Beltway action and extreme weather events have brought the fault lines in infrastructure talks and their planetary stakes into sharper focus.

Catch up fast: Senate Democratic leaders pledged to seek big climate measures in a multitrillion-dollar, Democrats-only package that faces a very narrow political path.

Kendall Baker, author of Sports
4 hours ago - Sports

The sports stock market

Note: Michael Jordan's card is for baseball; Data: Alt; Table: Andrew Witherspoon/Axios

Shohei Ohtani's trading card value has risen 781% since the start of 2021, the highest year-to-date return of any athlete on Alt, a sports card exchange that aims to bring more liquidity to alternative assets.

Why it matters: The trading card market is the closest thing we have to a stock market for sports.