Axios

President Trump is slated to meet Friday with top executives of large oil companies to discuss potential ways to help the sector that's facing strong economic headwinds as prices and demand have collapsed, according to industry sources familiar with the plan.

Driving the news: The White House is inviting the heads of Exxon, Chevron and the big independent Occidental Petroleum, and Continental Resources executive chairman Harold Hamm, per the Wall Street Journal, which first reported the plan.

A landmark United Nations climate change summit, originally scheduled for November in Glasgow, Scotland, is being delayed until next year.

Why it matters: This isn't just another major convention scuttled by coronavirus. This is a make-or-break moment as countries face pressure to increase their ambitions to tackle climate change.

The oil-and-gas producer Whiting Petroleum said Wednesday that it filed for Chapter 11 bankruptcy protection, citing the "severe downturn" in prices stemming from the Saudi-Russia price war and the novel coronavirus pandemic.

Why it matters: The Wall Street Journal notes that Whiting, a substantial producer in North Dakota's prolific shale regions, is the "first sizable fracking company to succumb to the crash in oil prices."

The response to the Trump administration's final rules weakening vehicle mileage and emissions standards through the mid-2020s offers a hint of the shifting plates in the industry and the battles ahead.

Why it matters: The prior rules were a pillar of the Obama-era climate agenda, and transportation is the nation's largest source of greenhouse gas emissions.

The consultancy Wood Mackenzie has tallied how much U.S. oil producers are cutting back spending as the industry moves to crisis footing.

The big picture: What's already announced — from both independent producers and global giants like Chevron and BP — is eye-popping.

The renewable energy sector is pressing for the "phase 4" coronavirus response bill to provide the aid that was omitted from the recent $2 trillion rescue package — and they might have a wider opening this time around.

Why it matters: Wind and solar developers are warning of project cancelations and layoffs as activity is frozen, supply chains are disrupted, and companies risk missing deadlines to use tax credits.

Former President Obama tweeted a rare rebuke of President Trump on Tuesday over the current administration's rollback of Obama-era vehicle emissions standards.

What he said: "We've seen all too terribly the consequences of those who denied warnings of a pandemic," Obama tweeted, linking to a Los Angeles Times article addressing the rollback. "We can't afford any more consequences of climate denial. All of us, especially young people, have to demand better of our government at every level and vote this fall."

The Transportation Department and the EPA are scheduled to unveil final rules Tuesday that set vehicle mileage and carbon emissions requirements through model year 2026 — but the battle over these regulations is not over.

Why it matters: Transportation overtook electric power as the largest source of U.S. greenhouse gas emissions a few years ago, but the new rules are slated to be far weaker than the Obama-era requirements they're replacing.

President Trump and two Texas oil producers are launching new efforts to temper the stunning supply-demand imbalance and price collapse that's inflicting deep financial wounds in the U.S. industry.

Driving the news: Shale producers Pioneer Natural Resources and Parsley Energy have formally asked Texas regulators to take the extraordinary step of imposing mandatory production curbs to help steady the ship.