The World Bank released their big commodity markets outlook late last week, which shows how the average per-barrel cost for U.S. shale projects to be economic has come down a lot.

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Data: World Bank, Commodity Markets Outlook, October 2017, Rystad Energy NASWellCube Premium; Note: Breakeven price is based on wellhead costs and does not include test activity; Chart: Andrew Witherspoon / Axios

The lower break-even costs stem from a suite of factors, like technological improvements to how much service companies charge, which fell when oil prices tumbled.

Why it matters: That steep downward slope is one reason why U.S. drillers, especially in the Permian Basin, has become a persistently strong competitor to Saudi Arabia and other big producers.

  • In addition, the attractive economics of shale could sap industry interest in developing Arctic offshore and onshore regions that the Trump administration wants to make available — regions with potentially vast resources but that also require lots of capital to explore and develop.

Yes, but: "While shale companies are expected to continue to achieve efficiency gains, they are starting to face cost inflation for some inputs, especially skilled labor," the World Bank notes.

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Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.