Axios

U.S. carbon emissions from energy dropped another 1.7 percent in 2016, largely because natural gas and renewables are displacing coal in power production, data from the federal Energy Information Administration shows.

Why it matters: It's a clear signal that President Trump's effort to revive the coal industry's fortunes by cutting regulation is an uphill battle against underlying market trends.

The U.S. delegation to the G7 was the only country not to sign a draft joint-statement that included a commitment to follow the Paris climate agreement's provisions, according to the AP. As a result, the group didn't issue a statement at all.

Why the U.S. didn't sign: It's still reviewing its position, per the Italian development minister. Energy Secretary Rick Perry also wanted to include references to coal and fossil fuels in the statement, Reuters reports.

Context: Perry is to talk with the Italian development minister Tuesday, but Donald Trump said on the campaign trail that he didn't want the U.S. to stay in the climate pact.

Get ready: The latest edition of Platts' Capitol Crude podcast that's out this morning brings fresh warnings about future oil supplies from a couple people who know their stuff.

Uh-oh: Longtime analyst Adam Sieminski, the former head of the Energy Information Administration, is the latest expert to warn that even though the world is swimming in oil these days thanks to the shale boom, the global supply-demand equation could get way more precarious in coming years.