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Data: U.S. Energy Information Administration; Chart: Axios Visuals

Fresh U.S. government projections of U.S. oil production underscore how it will be a long time before the country again reaches its record pre-pandemic output — if ever.

Why it matters: The Energy Information Administration's outlook published Tuesday provide the first glimpse at where they see U.S. output in 2022 — at a substantial, but nowhere near complete, recovery.

Where it stands: U.S. production reached around 13 million barrels per day at the dawn of 2020 but then fell precipitously as COVID-19 caused demand and prices to crater.

The intrigue: It's not clear whether production will ever return to those levels, partly due to the unknowns around future global demand and prices.

  • Also, investors appear to be out of patience with years of investment in high growth at the expense of returns.
  • "Most shale producers are now more focused on clearing debt and honoring investor pledges to keep fiscal discipline," Bloomberg notes.

Of note: The 2021–2022 analysis is hardly set in stone.

  • EIA updates its projections every month, but they nonetheless provide a running gauge of where modelers see the market heading.
  • And these are tragically unpredictable times. The analysis "remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve," EIA notes.

Go deeper: US EIA revises crude price forecast higher amid tightened fundamental outlooks (S&P Global Platts)

Go deeper

Amy Harder, author of Generate
Jan 19, 2021 - Energy & Environment

Global investments into clean-energy technology reach record high

Reproduced from BloombergNEF; Chart: Axios Visuals

Investments into clean-energy technologies totaled more than $500 billion for the first time ever, according to a BloombergNEF report released Tuesday.

Why it matters: Technologies making energy and other material cleaner needs to expand rapidly if the world is to adequately address climate change in the coming decades.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.