The Treasury Department estimates its plan to end subsidies for fossil fuel companies would bring in over $35 billion in federal revenue over 10 years.

Driving the news: "The main impact would be on oil and gas company profits. Research suggests little impact on gasoline or energy prices for U.S. consumers and little impact on our energy security," officials said in a report on the wider White House tax policy proposal.

The number of U.S. oil drilling rigs in operation last week climbed by 13 to reach 337, Baker Hughes data shows.

Why it matters: It's the highest in nearly a year and, as Reuters notes, the increase was the largest since January 2020.

New Mexico Sen. Ben Ray Luján (D) said at an Axios event Tuesday that diversifying New Mexico's economy will create "homegrown" opportunities, providing a different type of job security for workers who rely on oil and gas industries.

Why it matters: Politicians have sparred over environmental justice and its impact on workers in the oil and gas industries. But even major oil and gas producers across the U.S. are making changes now, Luján said, which means New Mexico needs to move fast about planning for the future.

The plates are shifting when it comes to climate policy on K Street, but whether it's enough to alter the political landscape is another question entirely.

Catch up fast: The American Petroleum Institute yesterday endorsed putting a price on carbon emissions as part of its wider new climate policy platform.

The American Petroleum Institute said Thursday that it supports putting a price on carbon emissions — a term that typically refers to emissions taxes or permit trading systems.

Why it matters: The new posture marks a major shift for the powerful K Street lobbying group, though signs of the endorsement emerged weeks ago.

The Dallas Fed is out with its latest quarterly snapshot of oil-and-gas metrics in its district, which includes the prolific but pandemic-battered shale regions in Texas and New Mexico.

Why it matters: The survey of oil-and-gas companies and contractors finds that the sector's activity "expanded strongly" in the first quarter of 2021.

President Biden's senior domestic climate official met with top oil-and-gas executives Monday as the industry braces for White House emissions policies.

Why it matters: A White House summary claims they're seeking common ground with the sector.

Global oil demand is slated to rise above pre-pandemic levels over the next few years but nonetheless remain lower than it would have been absent COVID-19's emergence, a new International Energy Agency analysis project.

Why it matters: The pandemic is certainly having a lasting effect — its mid-decade demand estimate is 2.5 million barrels per day lower than the growth level expected before the crisis.

Environmental groups have filed a complaint with the Federal Trade Commission alleging Chevron's ads mislead consumers by painting an inaccurate picture of the oil giant's clean energy activities.

Why it matters: The groups — Greenpeace, Earthworks and Global Witness — say it's the first such climate complaint filed against an oil company under the FTC's "Green Guides."

A startup that uses synthetic biology to clean up pollution is taking on a $20 million funding round, Axios has learned.

Why it matters: Bioremediation offers the possibility of cleaning some of the world's most polluted sites using the power of nature — with a little human engineering.