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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

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.

Democrats fail to change Senate rules to pass voting rights bill

Senate Majority Leader during a news conference in Washington, D.C., on Wednesday. Photo: Alex Wong/Getty Images

Democrats failed Wednesday night to change Senate filibuster rules to pass the voting rights bill, with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) voting with Republicans.

The big picture: The failed effort came after Senate Republicans blocked the voting rights measure from coming to a final vote earlier Wednesday.

Updated 3 hours ago - Politics & Policy

Supreme Court rejects Trump's attempt to shield documents from Jan. 6 committee

Photo: Melissa Sue Gerrits/Getty Images

The Supreme Court rejected on Wednesday night a bid by former President Trump to block the release of documents and records from his administration to the House committee investigating the Jan. 6 riot at the Capitol.

Why it matters: Trump asked the Supreme Court to step in and block the release of the documents last month after a panel on the U.S. Court of Appeals for the D.C. Circuit unanimously denied his attempt to prevent the committee from obtaining the materials.