Jeff McIntosh / AP

Royal Dutch Shell CEO Ben Van Beurden told Bloomberg that the company is unlikely to develop expensive new projects in the Alberta oil sands. "There are no plans for growth capital to be invested in oil sands," he said, while noting that the oil giant's existing oil sands operations there provide strong cash flow.

The interview comes after Exxon Mobil and ConocoPhillips announced in recent days that they're shedding over 4.5 billion barrels of oil sands reserves combined amid modest oil prices.

Why it matters: It's an example of how the state of oil markets can help to slow expanded production of certain fossil fuels that environmentalists want left undeveloped.

A related dynamic is in play in the U.S. Arctic offshore. Even if the Trump administration succeeds in unwinding former President Obama's decision to put those oil and natural gas resources off limits, don't look for interest among big oil companies in expensive Arctic offshore drilling anytime soon.

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Dan Primack, author of Pro Rata
Updated 25 mins ago - Politics & Policy

Judge rules Trump's TikTok ban likely overstepped legal authority

Illustration: Sarah Grillo/Axios

A federal court judge on Sunday granted TikTok's request for a temporary restraining order against a ban by the Trump administration.

Driving the news: Judge Carl Nichols on Monday unsealed his opinion, in which he concluded that the ban seeks to regulate the exchange of "informational materials" — something that's expressly exempted from the law laying out the emergency powers Trump invoked.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 33,156,812 — Total deaths: 998,696 — Total recoveries: 22,961,436Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 7,118,523 — Total deaths: 204,790 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: The childless vaccine — Why kids get less severe coronavirus infections.
  5. World: India the second country after U.S. to hit 6 million cases

Facebook's latest headache: Its own employees' posts

Illustration: Sarah Grillo/Axios

Facebook’s rules for what people can say on the world’s largest social network have been a long-term headache for the company, but now it faces similar troubles on the internal network its own staff uses.

Driving the news: As political arguments on Facebook’s employee discussion boards have grown more heated and divisive, the company ordered new restrictions on the forums earlier this month, which run on Facebook’s Workplace platform.