Axios

Don't sleep on the shale boom as a force behind Trump 2.0's "disruptive" foreign and trade policies, a new essay argues.

Why it matters: The provocative Foreign Affairs piece calls the U.S. oil and gas export surge an "overlooked" driver of America's posture on the global stage that's "mostly unrelated to [President] Trump's particular preferences."

Israel's strikes against Iran Thursday night immediately sent oil prices up sharply, with Brent now trading at its highest level since early April.

Why it matters: Traders are responding to risk that the conflict could spread in ways that affect regional oil production and transport.

President Trump signed legislation on Thursday blocking California's rules to phase out the sales of gas-powered cars by 2035.

Why it matters: Trump is moving to roll back environmental initiatives that were a top Biden-era priority, and his action against California comes amid an escalating feud with Gov. Gavin Newsom (D) amid fiery LA protests of Immigration and Customs Enforcement (ICE) raids.

President Trump will appear at Sen. Dave McCormick's (R-Pa.) inaugural Pennsylvania Energy and Innovation Summit next month in Pittsburgh to discuss AI, energy and labor, McCormick's office tells Axios.

Why it matters: Trump's attendance at the July 15 summit at Carnegie Mellon University is a big win for McCormick's efforts to bring AI and energy leaders together for the first time.

The Senate's top Democrat tells Axios he's activated a multi-pronged strategy to salvage the 2022 climate law that he helped craft.

Why it matters: Minority Leader Chuck Schumer sees multiple pressure points to counter House-passed GOP legislation that largely halts the Inflation Reduction Act's unprecedented low-carbon energy tax credits.