Happy Friday! Let's head for the weekend with a classic that was atop the Billboard Hot 100 charts exactly 50 years ago.
Bolton at CPAC 2018. Photo: Alex Wong/Getty Images
Big picture: Thursday brought White House bombshells on foreign policy and trade that could reverberate through the energy sector.
Get ready for more sanctions: President Trump’s pick of the very hawkish John Bolton as National Security Adviser is another sign that Trump plans to abandon the Iran nuclear deal and bring back sanctions.
Get ready for more tariffs: Trump announced yesterday that he’s planning new tariffs against China that could amount to $60 billion. That could have energy spillover effects.
But, but but: On a head-spinning day, the White House also said it’s greatly expanding the list of nations that will be exempt — for now — from steep tariffs on steel imports.
The intrigue: In a sign of how uncertain the rapidly changing landscape is, ClearView Energy Partners said in a note Friday that the expanded list of exempt countries could cut both ways for the industry.
State of the market: Per Bloomberg, oil traders are weighing the Iran implications of the Bolton pick and the new China trade fight.
Underwhelming: Let's spend a little more time with the Interior Department's Gulf of Mexico lease sale Wednesday that, as we noted here, drew modest bidding and interest despite making 77 million acres available.
Why it matters: While the sale was scheduled during the Obama years, Interior's decision to make so much acreage available, the lowering of shallow-water royalty rates, and the tepid bidding bring two trends into focus: The Trump administration's aggressive promotion of U.S. fossil fuels and the wealth of other options that companies have outside the Gulf.
Quoted: Michael Webber, deputy director of the Energy Institute at the University of Texas at Austin, summed up the modest sale in an interview with Canada's Business News Network...
Shared mobility: Chinese ride-hailing giant Didi Chuxing will build electric vehicles via a joint venture with CHJ Automotive, a local automotive startup that also announced RMB3 billion (US$473 million) in new funding, according to media reports.
GM lobbying: A newly public lobbying registration shows that GM has tapped the DS2 Group for work on "monitoring issues on autonomous vehicles and electric vehicles."
Nissan: The Wall Street Journal reports from Japan that Nissan is aiming for a big jump in EV sales over the next five years, with a focus on the big Chinese market.
Here are some interesting podcasts to listen to while you're doing whatever you do with headphones on this weekend...
Climate change: The latest podcast from UPenn's Kleinman Center for Energy Policy is a good, wide-ranging overview of cap-and-trade policies and carbon pricing more generally in the U.S., Europe and elsewhere.
EVs: The Columbia Energy Exchange chats with Ryan Popple, the CEO of the electric bus company Proterra.
Pipelines: A new episode of Off The Charts, from the University of Chicago's Energy Policy Institute, explores the increasingly volatile politics of pipeline regulation and construction.
Nuclear: On the new Titans Of Nuclear podcast, Breakthrough Institute director of energy Jessica Lovering dives into next-wave nuclear tech, like small modular reactors, and the prospects for deployment.
Duke University Chapel. Photo: Lance King/Getty Images
My Axios colleague Amy Harder reports...
More than a dozen business schools and some of Wall Street’s biggest firms are converging for the next two days at Duke University to discuss the business effects of climate change.
Why it matters: This conference is being billed as the first to bring together students from a range of business schools to address the issue. That reflects both how climate change is becoming more of a tangible business concern and that younger people care more about it than older generations.
“This summit is not about politics. It’s not about policy. It’s about which businesses and investors will successfully navigate a more turbulent future because they’ve identified these risks and adapted accordingly — and which will be left flat-footed.”— Daniel Vermeer, professor at Duke University's Fuqua School of Business
One level deeper: More than 150 students and 80 other attendees are expected to attend this inaugural conference at Duke’s business school in Durham, N.C.
What’s next: It’s not that big yet, but its organizers intend for it to grow as it rotates to other business schools in future years.
New forecast: Bloomberg New Energy Finance said in a new forecast that global import demand for liquified natural gas will grow 7.2%to reach over 300 million metric tons this year.
State of play: “The growth rate in 2019–22 will slow as the commissioning of new gas pipelines from Russia absorbs some of China’s demand, and as more nuclear power comes online in Japan," said BNEF analyst Ashish Sethia in a statement.
One reason it matters: A summary of the report explores the intersection of LNG growth and wider energy and ecological trends. It notes that rising LNG demand through 2030 will be driven by China's turn to cleaner alternatives to coal, rising gas needs for power generation in Asia more broadly, and reduced domestic production in Europe.
Another reason it matters: BNEF's report is the latest of several analyses warning of a potential LNG supply shortfall opening in the mid-2020s absent more supply contracts that drive infrastructure investment.
Editor's note: The second story in yesterday's Generate was corrected to compare the omnibus to the White House's FY 2018 proposal and not FY 2019 proposal.