Per the New York Times, "Exxon Mobil and other oil companies opened their wallets at an offshore oil auction in Brazil on Thursday in a sign that the industry was stepping back into the deepwater drilling business."
One reason it matters: The auction comes just a week after a big Interior Department lease sale in the Gulf of Mexico brought in just $125 million in total winning bids.
"The Trump administration is poised to abandon America's pioneering fuel economy targets for cars and SUVs, a move that would undermine one of the world's most aggressive programs to confront climate change," the L.A. Times' Evan Halper writes:
The big picture: The EPA is expected to announce soon "that it will scrap mileage targets the Obama administration ... that aim to boost average fuel economy for passenger cars and SUVs to 55 miles per gallon by 2025... The agency plans to replace those targets with a weaker standard."
A federal judge in New York Thursday dismissed a lawsuit by ExxonMobil seeking to halt a probe by New York and Massachusetts into whether the oil and gas giant had lied to investors and the public about its knowledge of climate change. The company sued the states in 2016 after they subpoenaed documents regarding Exxon's research into fossil fuels' role in climate change.
Why it matters, per Axios’ Amy Harder: This move likely ensures there will eventually be discovery in the lawsuit where Exxon documents are disclosed, which would shed a lot of light—and headlines—on what Exxon really knew about climate change over the past decades.
The AP reports that Exxon says it's reviewing ruling and evaluating its next steps.
Tesla is recalling 123,000 early Model S sedans, the Verge reports, over "a power steering issue." In an email to customers, Tesla said no other cars were affected, and if a customer hasn't experienced a problem they "do not need to stop driving their cars."
Why it matters, per Bloomberg: This has been a bad month for Tesla as Moody's downgraded its debt and "analysts and investors have questioned the company’s ability to mass-manufacture its new Model 3 sedan."
The Federal Reserve Bank of Dallas has a new survey of oil-and-gas companies in their region that helps explain why U.S. production — especially from shale formations in the Permian Basin — is slated to keep surging.
It’s no secret what it takes to get booted from the Trump administration. Annoy the president with wordy, nagging disagreements. (Ask outgoing national security adviser H.R. McMaster.) Call him a moron. (Ask outgoing Secretary of State Rex Tillerson.) Or make it seem like you are the puppet master. (Ask former senior strategist Steve Bannon.)
The real mystery: How does anyone survive in the wild West Wing? Based on countless conversations that we have had with aides past and present, here’s how.
