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

Updated 4 mins ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.