Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Global oil demand in the first quarter of 2020 is expected to decline by the largest amount in recorded history, IHS Markit projected Tuesday night.

Driving the news: The decline, which is set to exceed even what occurred in the 2009 financial crisis, is being driven by the spread of the novel coronavirus and subsequent stunted economic activity in China.

The big picture: The paramount concern of the coronavirus is not oil demand, of course, but its impact on humanity's health. Nearly 3,300 people around the world have died from the virus as of Tuesday, and over 92,000 people have been infected.

By the numbers: IHS Markit, a global consultancy, estimates that global oil demand will be 3.8 million barrels a day lower than a year earlier.

  • This is 4.5 million barrels a day lower than previous estimates before the spread of the coronavirus.
  • The previous biggest decline was in 2009 in the wake of the economic crash. Demand fell by 3.6 million barrels a day in the first quarter of that year.
  • For context, the world today consumes a little less than a 100 million barrels a day.

One level deeper: Production from OPEC, the mostly Middle Eastern bloc of oil-producing nations, could continue to fall beneath its current 17-year low as buyers cut oil purchases through March and April, the report states.

  • Gasoline and jet fuel in the country is especially affected by the coronavirus as the government restricts road travel and flights to and from China are suspended.

What they're saying: “This is a sudden, instant demand shock—and the scale of the decline is unprecedented,” said Jim Burkhard, vice president and head of oil markets, IHS Markit.

Between the lines, via Axios' Amy Harder: The thing that’s kicking the oil industry when it's down — the coronavirus and fears about it spreading — is also what canceled CERAWeek, its big annual confab, originally set for Houston next week.

Go deeper:

Go deeper

Biden confronts mounting humanitarian crisis at the border

Illustration: Eniola Odetunde/Axios. Photo: Pool/Getty Images     

Just over a month into his presidency, President Biden is staring down a mounting crisis at the border that could be just as bad as the ones faced by Barack Obama and Donald Trump, if not worse.

Why it matters: Immigration is an issue that can consume a presidency. It's intensely and poisonously partisan. It's complicated. And the lives and welfare of vulnerable children hang in the balance.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

The rise of vaccine passports

Illustration: Annelise Capossela/Axios

Vaccine passports were touted early in the pandemic as an important piece of the plan to get people back to normal life. Now they’re becoming a reality.

Driving the news: CLEAR, the secure digital identity app that you see in airports around the world, and CommonPass, a health app that lets users securely access vaccination records and COVID test results, have joined forces.

"Vaccine tourism" stretches states' supplies

Illustration: Sarah Grillo/Axios

Americans who are highly motivated to get vaccinated are traveling across state lines after hearing about larger vaccine supplies or loopholes in sign-up systems.

Why it matters: "Vaccine tourism" raises ethical and legal questions, and could worsen the racial socioeconomic and racial inequalities of the pandemic.