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!

OPEC Secretary General Mohammed Barkindo. Photo: Karim Sahib/AFP/Getty Images

The convergence of automation, artificial intelligence, advanced manufacturing and big data analytics is poised to remake the transportation, electricity and manufacturing sectors in ways that could eliminate oil use. This comes just as the same energy innovations are making it easier and cheaper to extract oil and gas.

Why it matters: These technological changes mark an end to the psychology of oil scarcity that made Western democracies more tolerant of erratic actions by OPEC and other oil-producing states.

What's new: Historically, OPEC's power derived from anxieties about scarce future oil supply, and Western industrial nations had to kowtow to ensure oil supplies did not get reduced or cut off. Now, the tables are turning.

Worried about the group's future, OPEC's Secretary General Mohammed Barkindo toured Washington, D.C., last week to spread his "sustainable stability" pitch.

  • Yes, but: Barkindo's message is going to be a hard sell to U.S. policymakers who have been considering federal legislation that would subject foreign oil producers to possible antitrust action by the Justice Department amid the rising role of U.S. oil and gas in global markets.

Between the lines: The geopolitical fallout could be monumental, as the technology boom has lessened the common interests between oil-producing states and Western industrialized nations.

  • Norway, where one in three cars are electric, just announced that its national pension fund will drop some oil investments amid concerns about oil’s future, and other countries may follow its lead (as they have in the past on coal). Norway's divestment spared oil companies that are investing in clean technologies — a move that explains Big Oil's recent romance with green investment announcements.
  • As a new wave of civil unrest spreads across the Middle East, technological changes could threaten the viability of OPEC to sustain member oil revenues by making oil cheaper just when the world will need less of it, rendering OPEC less useful. The group already offers little hope to countries whose oil industries are imploding, such as Venezuela and to a lesser extent Nigeria and Libya.

What to watch: The U.S. may have to help vulnerable oil dependent economies make economic reforms to diversify away from oil and create new jobs for growing populations.

Go deeper: Read "The Tech-Enabled Energy Future" report from CFR.

Amy Myers Jaffe is the David M. Rubenstein Senior Fellow for Energy and the Environment at the Council on Foreign Relations and director of its program on energy security and climate change.

Go deeper

Updated 3 hours ago - Politics & Policy

House cancels Thursday session as FBI, Homeland Security warn of threat to Capitol

Photo: Eric Baradat/AFP via Getty Images

The FBI and Department of Homeland Security predict violent domestic extremists attacks will increase in 2021, according to a report obtained by Axios.

Driving the news: The joint report says extremists have discussed plans to take control of the Capitol and "remove Democratic lawmakers" on or about March 4. The House canceled its plans for Thursday votes as word of the possible threats spread.

4 hours ago - World

Pope Francis set to make first papal visit to Iraq amid possible turmoil

Data: Vatican News; Map: Danielle Alberti/Axios

Pope Francis is forging ahead with the first papal trip to Iraq despite new coronavirus outbreaks and fears of instability.

The big picture: The March 5–8 visit is intended to reassure Christians in Iraq who were violently persecuted under the Islamic State. Francis also hopes to further ties with Shiite Muslims, AP notes.

"Neanderthal thinking": Biden slams states lifting mask mandates

States that are relaxing coronavirus restrictions are making "a big mistake," President Biden told reporters on Wednesday, adding: "The last thing we need is Neanderthal thinking."

Driving the news: Texas Gov. Greg Abbott (R) said Wednesday he will end all coronavirus restrictions via executive order, although some businesses are continuing to ask patrons to wear face masks. Mississippi is lifting its mask mandate for all counties Wednesday, per Gov. Tate Reeves (R).

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!