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Travis via Flickr CC

As part of BP's plan to move away from noncore businesses, it's considering selling its three oil sands projects in Canada, according to a Reuters report that cites people familiar with the matter.

Why it matters: This could further consolidate Canadian companies' hold over the oil sands — which make up the third-largest reserve of crude oil in the world. That's because big international players like Chevron, Shell, ConocoPhillips, Statoil, and Shell have already been shedding or are considering shedding their Canadian oil sands projects.

What's (maybe) next: The replacement investment for BP would be deploying capital in the Permian basin in the U.S., where the rate of return tends to be higher.

Go deeper

Dion Rabouin, author of Markets
16 mins ago - Economy & Business

The fragile recovery

Data: Department of Labor; Chart: Axios Visuals

The number of people receiving unemployment benefits is falling but remains remarkably high three weeks before pandemic assistance programs are set to expire. More than 1 million people a week are still filing for initial jobless claims, including nearly 300,000 applying for pandemic assistance.

By the numbers: As of Nov. 14, 20.2 million Americans were receiving unemployment benefits of some kind, including more than 13.4 million on the Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) programs that were created as part of the CARES Act and end on Dec. 26.

Ben Geman, author of Generate
36 mins ago - Politics & Policy

The top candidates Biden is considering for key energy and climate roles

Photo: Alex Wong/Getty Images

Senate Minority Leader Chuck Schumer (D-N.Y.) has urged President-elect Joe Biden to nominate Mary Nichols, chair of California's air pollution regulator, to lead the Environmental Protection Agency, Bloomberg reports.

Why it matters: The reported push by Schumer could boost Nichol's chances of leading an agency that will play a pivotal role in Biden's vow to enact aggressive new climate policies — especially because the plan is likely to rest heavily on executive actions.

U.S. economy adds 245,000 jobs in November as recovery slows

Data: BLS; Chart: Axios Visuals

The U.S. economy added 245,000 jobs in November, while the unemployment rate fell to 6.7% from 6.9%, the government said on Friday.

Why it matters: The labor market continues to recover even as coronavirus cases surge— though it's still millions of jobs short of the pre-pandemic level. The problem is that the rate of recovery is slowing significantly.