Good morning and welcome back!
This week in 1979, Gloria Gaynor had regained the top spot on the Billboard chart with today's intro tune...
Over in our Expert Voices section, a new piece by ClearView Energy Partners managing director Kevin Book takes stock of U.S.-China trade tensions...
The new tariffs on U.S. steel imports were already poised to raise costs for steel-intensive domestic oil and gas production. But China's proposed retaliatory tariffs on ethanol and propane pose the greatest threat yet to the U.S. energy trade.
The big picture: If tensions continue to escalate, Beijing might target U.S. oil and natural gas, too. While all businesses could face weaker margins if tariffs, quotas and other barriers slow global GDP growth, a trade war with China would prove especially damaging to U.S. energy producers, which have grown increasingly dependent on overseas markets.
ICYMI: Apple said Monday that all of its worldwide operations — ranging from retail stores to offices to data centers — are now powered exclusively by renewable energy.
Why it matters: It's a major example in the wider trend of companies getting substantial amounts of electricity directly from renewable projects, not just buying emissions credits or carbon offsets.
The tech giant also said that 9 more of its suppliers have committed to powering their Apple-related work with all zero-carbon energy, which brings the total number of such supplier commitments to 23.
Can't get there from here: A new report warns there's basically no chance holding the global temperature rise under 2 degrees Celsius if coal-fired power plants, currently at various stages of planning and development worldwide, are built as planned.
Check out the chart above: It shows the added emissions if plants in the planning stages are built compared with the levels thought needed to avoid blowing past the 2°C ceiling.
One level deeper: The report finds that over 860 gigawatts of new coal-fired capacity could potentially be added in the next few years, though only around a fourth is under construction.
Why it matters: The report underscores how getting on a path to a deeply decarbonized power sector is vital to meeting the goals of the Paris climate agreement.
The bottom line: "Limiting warming to below 2°C requires not only cancelling all newly proposed coal-fired power projects, but countries must also accelerate the retirement of existing capacity," according to the report from the University of Maryland School of Public Policy and Bloomberg Philanthropies.
Published today: A new Atlantic Council report warns that maritime petroleum theft costs tens or even hundreds of billions of dollars annually and often finances other really bad enterprises like human trafficking.
In their words: “Whether in small fishing boats or Suezmax tankers, illicit oil and fuel move constantly, in broad daylight, around the world. And the profits, which deprive states of much-needed revenue, often fund more sinister criminal activities, from other forms of trafficking to terrorism.”
What to do: The half-dozen recommendations include...
Exxon: Bloomberg got access to a report the International Monetary Fund wrote for Guyana's government that concludes their deal with Exxon to develop massive offshore resources is pretty generous to the company.
Hive mind: A note from several Barclays analysts on large oil companies looks at why investors aren't all that excited these days...
Huge: Over at Bloomberg View, analyst Robin Mills takes stock of Bahrain's recent discovery of an estimated 80 billion barrels worth of shale oil offshore.
My colleague Amy Harder has the latest on FirstEnergy Solutions bid for Energy Department help...
Energy secretary Rick Perry said Monday his agency will soon decide whether to approve a request to boost economically struggling coal and nuclear power plants — and hinted at a thumbs-down.
“[The request] may not be the way that we decide is the most appropriate, the most efficient way to address this. It’s not the only way."— Perry, at Bloomberg New Energy Finance's Future of Energy Summit, NY
Between the lines: His remarks dampened prospects that the Trump administration will move to keep a string of these plants open in the Northeast and Mid-Atlantic.
Why it matters: The approval of an emergency order request by the power company FirstEnergy Solutions would be important for two reasons:
What’s next: Bob Murray, the CEO of privately-held coal producer Murray Energy, will speak at the same conference on Tuesday at noon ET. Energy denied a similar request by his company last year.
Not out of the woods: Remember a million news cycles ago, on Saturday night, when Trump tweeted in support of embattled EPA boss Scott Pruitt? Well, White House press secretary Sarah Sanders said yesterday that "we are reviewing the specifics of each of those components." More Pruitt news...
Auto regs: Mary Nichols, California's top air pollution official, told The Wall Street Journal that the state is eyeing a dual strategy of litigation and negotiation with Trump officials and automakers seeking to weaken auto emissions and mileage rules.
Ethanol: Per Reuters, "Five Republican senators on Monday called on President Donald Trump to temporarily halt the use of biofuels policy waivers for small oil refineries."