Tesla is deciding between Austin, Texas, and Tulsa, Oklahoma as the locations for its next U.S. factory, multiple outlets reported in recent days.
Why it matters: The reports, while hedged, add some clarity to the question of where Tesla will build Model Y crossovers for East Coast delivery, as well as the Cybertruck.
U.S. oil prices are above $30-per-barrel for the first time since mid-March as producers cut output while demand continues recovering from its April depths as restrictions are eased.
Why it matters: The increase eases pressure on the industry, but hardly alleviates the distress as prices remain below profitable levels for many producers and analysts caution that the recovery is shaky.
Bank restrictions on the financing of oil and gas drilling in the Arctic are akin to past practices —known as redlining — of not loaning to communities of color, Energy Secretary Dan Brouillette told Axios in an exclusive interview.
The big picture: A decades-long battle over Arctic drilling is suddenly escalating even as the world grapples with a pandemic. Five of America’s six biggest banks have recently announced they won’t finance oil and gas development in the Arctic, prompting conservative and industry backlash.
An explosion and fire at a commercial building in downtown Los Angeles Saturday night has wounded 11 firefighters, the LA Fire Department said in a statement. AP describes the business as a "hash oil manufacturer."
Why it matters: The LAFD said the business, Smoke Tokes Wholesale Distributor, is "reportedly a supplier for those who make butane honey oil. The cause is of great concern to us and is under active investigation." More than 230 firefighters responded following a "mayday" distress call, the department tweeted.
