Nabil al-Jurani / AP

BP revealed its annual energy outlook Wednesday, warning that the oil exploration industry will be drowning in oversupply for years to come. Despite the recent stabilization of prices, BP's chief economist, Spencer Dale, argued that the combination of shale technology and advances in renewable energy would leave oil-rich nations with excess reserves that will never be profitably recovered.

We'll be watching: Oil-services firm Baker Hughes' earnings on Thursday morning to gauge the health of the U.S. oil industry. OPEC cuts are a prime opportunity for American energy producers to show what recent advances in extraction technology can do, and how cheaply they can do it.

The telecom blues

AT&T and Verizon disappointed investors this week with lackluster subscriber and revenue growth, and the future doesn't look much brighter.

Why it matters: After decades of telecom industry consolidation, regulators are skeptical of allowing huge firms like Verizon assume any more power. This stance is benefiting customers, as evidenced by shrinking profit margins as smaller firms like T Mobile offer deals to grow their subscriber base.

That telecom firms are lagging the overall market is a vindication of the Obama Administration's decision to block further consolidation in the industry, and may be a reason for President Trump prevent the vertical merger of AT&T and Time Warner.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear themU.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Texas Democrats beg Biden to spend now

Photo: Ron Jenkins/Getty Images

The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.