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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

Bryan Walsh, author of Future
1 min ago - Politics & Policy

America is anxious, angry and heavily armed

Data: FBI; Chart: Andrew Witherspoon/Axios

Firearms background checks in the U.S. hit a record high in 2020.

The big picture: This past year took our collective arsenal to new heights, with millions of Americans buying guns for the first time. That trend coincides with a moment of peak political and social tension.

Mike Allen, author of AM
1 hour ago - Economy & Business

America on borrowed time

Illustration: Aïda Amer/Axios

Economic recovery will not be linear as the world continues to grapple with the uncertainty of the pandemic.

Why it matters: Despite being propped up by an extraordinary amount of fiscal stimulus and support from central banks, the state of the global economy remains fragile.

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.