A collaboration between Craig Venter's Synthetic Genomics and ExxonMobil has yielded "a breakthrough" in efforts to create biofuels from algae. Researchers report they have engineered a strain of algae that can produce twice as much fat — essentially oil — but can still grow at its normal rate.

Why it matters: For decades, scientists have tried to produce oil from fast-growing algae to replace or supplement fossil fuels. One challenge that this study appears to have overcome using genetic engineering has been that algae require a lot of nutrients to grow quickly but produce more fat when they are starved of the same nutrients. That tradeoff limits how much biofuel can be made overall.

What they did: Researchers knew that when algae has limited access to nitrogen, it produces more fatty lipids so they looked in the algae species Nannochloropsis gaditana for genes that are inhibited when there is less nitrogen and that also regulate the production of lipids. It took them almost a decade, but they found one and altered it using CRISPR-Cas9 gene editing, ultimately creating a strain that produced at least 40% oil content compared to 20% in natural algae.

Next steps: The strain would have to be successfully grown outside the lab (in sunlight and the elements) in industrial-scale amounts before it could be commercialized. Those technical needs along with regulatory hurdles and the relatively low price of gasoline currently, which isn't incentivizing a switch to biofuels, mean it could be a while before we see algae-produced oil on the market.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.