President Trump said on Twitter Saturday morning that King Salman of Saudi Arabia has agreed to increase its oil production by as much as 2 million barrels per day "because of the turmoil and disfunction in Iran and Venezuela."
The big picture, from Axios' Ben Geman: A number of analysts have pointed out that, by publicly pressing OPEC for higher production in recent weeks and months, Trump could be seeking to gain politically from a production-increase that the cartel and Russia were slated to make anyway, because the market has tightened considerably. Elevated oil prices — and hence, higher gasoline prices than in recent years — could be politically perilous for Republicans in an election year.
Spin, a San Francisco-based scooter-sharing startup, is finishing up a $125 million “security token offering,” Axios has learned.
Why it matters: Some of the startup's competitors, namely Bird and Lime, have already raised hefty amounts of venture capital, while Spin has only disclosed $8 million in funding so far.
July is typically the hottest month of the year, for both the U.S. and the planet as a whole. However, this year it is going to start off particularly hot across the country, as a dangerous heat wave stretches from Arizona to Maine.
Why it matters: The heat and humidity will combine to create life-threatening conditions in many cities, particularly in the Midwest and Northeast, where heat advisories and excessive heat warnings are in effect.
An influential conservative organization is rallying like-minded interest groups to voice opposition to a carbon tax, largely in response to a new initiative launched last week urging support for such a policy, Axios has learned.
Why it matters: The American Energy Alliance is among several such conservative groups with sway among Republicans on Capitol Hill. This influence is likely to hold strong despite former Republican leaders voicing support for a carbon price, including former Senate Majority Leader Trent Lott of Mississippi.
