The Trump administration on Tuesday revoked the temporary waivers it issued as part of the memorandum of understanding (MOU) with Iran that had allowed Tehran to sell oil, the Treasury Department announced.
Why it matters: The revocation of the waivers, issued less than three weeks ago, came in response to the renewed Iranian attacks against ships in the Strait of Hormuz over the past 24 hours.
The U.S. is still projected to achieve two-thirds of the emissions cuts from power generation that would have occurred without the rollbacks of the Biden-era climate law and regulations, a new study concludes.
Why it matters: It puts an exclamation point on what we explored yesterday: low-carbon energy is surviving, in weakened form, despite the 2025 GOP budget law that slashed renewables subsidies.
The oil market is shifting quickly from a focus on war-related shortages to an emerging supply glut.
Why it matters: Oil prices drive inflation expectations, which, in turn, drive the interest rates that have been closely correlated to the stock market.
The GOP budget law that President Trump signed a year ago has darkened the outlook for several clean energy sources, but stopped far short of strangling low-carbon tech.
Why it matters: It's part of a broader attack on Biden-era climate policies, along with Trump's executive moves to kill regulations and slow permitting of renewables projects.
Extreme heat gripping much of the U.S. has killed at least two dozen people over the past week, as about 40 million people remained under heat alerts Sunday.
Why it matters: Extreme heat is the nation's deadliest weather hazard, and the rising death toll underscores how dangerous prolonged heat can be.
