Fusion energy — tapping the power of the stars — is on the cusp of getting new federal rules.

Why it matters: Regulators increasingly view fusion as fundamentally safer than nuclear fission, helping to pave the way for a substantially simpler permitting process than the one faced by conventional nuclear plants.

Driving the news: The federal Nuclear Regulatory Commission is closing the public comment period on the proposed rule on Wednesday, with a final regulation expected as soon as this fall.

The big picture: Fusion electricity doesn't yet exist in reality, but industry leaders see this regulatory move as fundamental to commercializing the technology in the United States in the next decade.

• "This is a big deal — we've been working toward this for a long time," said Andrew Holland, CEO of the Fusion Industry Association.

How it works: Federal regulators concluded in 2023 that fusion's risk profile is far closer to that of existing medical and research radiation systems instead of nuclear fission.

Zoom in: The physics of fission require extensive engineering and safety systems to prevent runaway reactions — though nuclear power remains one of the safest forms of energy overall.

• Fusion, by contrast, lacks the long-lived radioactive waste associated with fission and can't sustain runaway reactions that cause traditional nuclear meltdowns.

"The physics of fusion are inherently safe," said Greg Twinney, CEO of General Fusion, during an interview with Axios last week at the Web Summit gathering in Vancouver, British Columbia.

Between the lines: Safety concerns around radioactive waste have subjected traditional nuclear plants — and even many newer, advanced designs now under development — to long federal reviews that critics say drive up costs and delay construction.

• That friction will be almost non-existent for the fusion industry.

What they're saying: "I think it will accelerate our timelines," said Annie Kritcher, co-founder and chief scientist at Inertia, in an interview with Axios at the same Vancouver tech industry gathering.

The other side: Environmental groups that have long expressed skepticism about nuclear power are likely to be more open to fusion.

• The Natural Resources Defense Council, which earlier this year shifted its stance on fission to cautiously support it, said in a statement that the group "welcomes the momentum on fusion."

"Fusion avoids the meltdown risk and long-lived radioactive waste of fission, but we will still demand strong safety and health guardrails," said Matthew McKinzie, NRDC's senior director for data and policy.

Reality check: Regulation is not the hardest part of commercializing fusion, Holland said, pointing to science and engineering as higher hurdles.

The bottom line: To the degree companies clear those hurdles, they will be a lot closer to the starting line for fusion electricity thanks to these rules.

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This will be the most expensive Memorial Day weekend to drive since 2022, with the national average price at $4.55 per gallon this morning, per AAA.

What they're saying: Walmart CFO John David Rainey said the average number of gallons customers pumped at Walmart gas stations fell below 10 for the first time since 2022.

• It's an "an indication of stress," he told analysts on the company's earnings call yesterday.

📺 Venezuela split screen: The NYT reports that Exxon is in talks to acquire production rights in the country.

• Why it matters: Exxon has the wallet, expertise, and experience to produce large volumes. It left Venezuela two decades ago in a dispute with then-President Hugo Chávez, who had nationalized the industry.
• The intrigue: In January, Exxon CEO Darren Woods called Venezuela "uninvestable" without "significant changes" to commercial frameworks and the legal system. But the country has revised its hydrocarbons law since then.
• Yes, but: ConocoPhillips CEO Ryan Lance, whose firm also left in 2007, tells Bloomberg it's still not ripe for return. "They have a long ways to go. The current hydrocarbon law is not sufficient to attract a whole lot of investment," he said.

⛏️ The Export-Import Bank of the U.S. approved a $2.9 billion loan for Perpetua Resources' Stibnite Gold Project in Idaho, the company said yesterday.

• Why it matters: It will also produce antimony. The mineral has key defense and commercial applications — including batteries — as policymakers look to boost domestic supply chains and ease China's dominance. Go deeper

😬 Data centers and cryptocurrency mining could boost U.S. power sector CO2 emissions by up to 28% (!) by 2030, though there's a wide range of uncertainty, per new peer-reviewed research. That's compared to a "no data center" case.

• Threat level: The paper in Environmental Research Letters — from scholars with NC State, Carnegie Mellon and elsewhere — also sees potentially large price spikes.
• Yes, but: There are so many variables on this topic, with the more optimistic case being that deep-pocketed tech giants are a major driver of clean energy deployment.
• Go deeper: Full paper ... NC State summary and researcher comments

Florida Temporarily Bans Sloth Imports After Dozens Die at Orlando Business (Inside Climate News)

Amy says: I know there are a lot bigger problems in the world than sloths being captured and (essentially) killed, but this story — and the ultimate justice it brought — is both tragic and inspiring.

• The way sloths die in a quiet, stressful way is 💔.

Why Microsoft's 24/7 Carbon-Free Pledge Matters for Emissions (Bloomberg)

Amy says: Wow, that EPRI report cited says hourly matching "can cut 42 times more carbon-dioxide emissions compared with only matching it on an annual basis."

How the Iran conflict is reshaping sanctioned oil flows (Atlantic Council)

Ben says: This includes useful data and analysis of the Trump administration's waiver of sanctions on Russian oil to help alleviate the current crisis.

• There are always tradeoffs. The authors calculate that since the waivers, Russia supplied about 300 million barrels to international markets as of May 11. But it "could unintentionally encourage new dependencies on Russia."

Wildfire Crews Race to Keep Fierce California Blaze From Former Nuclear Reactor Site (Inside Climate News)

Amy says: Yikes, this is scary. Talk about a bad combo of climate change worsening wildfires combined with former industrial sites that remain contaminated (in this case, even radioactive).

China's combined exports of wind, solar, battery equipment and electric vehicles were up by a third in April compared to February's pre-war levels, per BloombergNEF analysis.

Why it matters: It suggests that "elevated fossil-fuel prices from the Iran conflict are accelerating global demand for clean technologies," the research firm argues in a note.

Yes, but: A number of countries, especially in Asia, are leaning more on coal in response to the crisis that's raising natural gas prices and throttling supplies.

• A new Global Energy Monitor report on the wider coal landscape gets into this.