Axios

A one-two punch of strong atmospheric rivers threatens to dump heavy rain and snow in California during the next 10 days, with flooding likely.

Why it matters: The state's mountain snowpack is running well below average for this time of year, and this wet pattern could change that.

Ongoing geopolitical risks from the Red Sea conflict may cause a surge in energy prices, even as prices remain stable for the moment.

Driving the news: Fallout from the Israel-Hamas war, and worsening U.S.-Iran tensions, are endangering the stability of the global supply chain. In its 2024 outlook released earlier this month, the World Bank warned that "inflationary bottlenecks" were a real possibility.

Raging wildfires that have so far burned more than 40,000 acres across Colombia since November are expected to intensify and continue through March.

Driving the news: President Gustavo Petro last week declared a national emergency, allowing funding for other projects to be diverted to firefighting efforts.

President Biden jolted the energy and climate worlds by pausing liquefied natural gas export approvals, and in doing so stirred up several political and business risks ahead of the 2024 election.

The big picture: The Energy Department announced on Friday it would freeze new permits as officials reassess the climate, energy security and market effects.