Axios

The long-lasting, severe drought affecting California is likely to have major ramifications for how the region generates electricity this summer, as well as how reliable and costly that supply is, according to a new report from the U.S. Energy Information Administration.

Driving the news: The drought's depletion of California's large reservoirs is likely to strain hydroelectric plants to the point where some may have to be shut down.

More Americans than ever will be hitting the road in an electric vehicle this Memorial Day weekend, avoiding the pain at the pump squeezing so many other families heading into the busy summer travel season.

The big picture: The United States is still in the early stages of a historic shift to electric transportation, with EVs accounting for just 4.6% of new car sales — up from 2.4% a year ago. But with gas prices soaring and longer-range EVs hitting the market, road-tripping in an EV is becoming more acceptable for many.

Driving the news: AAA predicts 39.2 million Americans will travel 50 miles or more from home this holiday weekend, nearly 90% of them by car.

Saudi Aramco has approached Valvoline about buying its lubricants business, as first reported by The Wall Street Journal. The unit generates around 60% of revenue for Valvoline, which has a $6 billion market cap.

Why it matters: This is the latest example of the world's most valuable oil company, which doubles as a geopolitical power, seeking to diversify. And, were a deal struck, it would enable Valvoline to achieve its announced goal of separating its products business from its retail services business.

Planet FWD, a startup helping consumer product companies assess and reduce their carbon emissions, has raised $10 million in Series A funding led by Acre Venture Partners and Congruent Ventures.

Why it matters: As the urgency for mitigating climate change grows, companies are increasingly coming under the scrutiny of consumers and regulators for their contributions to greenhouse gas emissions.