Good morning, and happy belated Mother's Day to all the mothers out there, especially my own!
You're invited: Join Axios' Mike Allen in D.C. at 8am tomorrow as he interviews National Economic Council Director Larry Kudlow. Mike will also be talking about Infrastructure Week with Sen. James Inhofe (R-Okla.), Rep. Eleanor Holmes Norton and Austin Mayor Steve Adler. Outside cameras and correspondents welcome. RSVP here.
Let's dive in. My latest column looks at the disparate deregulatory efforts underway — and how industries are positioning themselves. I'll preview that and hand things back to Ben to get you up to speed on the rest of the news.
It’s an easy political talking point to say industry opposes all regulations, but the real story is more complicated, and we’ve seen it unfold in dramatic fashion under President Trump.
Why it matters: Trump’s deregulatory push has got Washington lobbyists anxious and industries parting ways with usual Republican Party allies. Here's why companies lobby for and against certain regulations, while changing positions over time.
More: Click here to run down the full deregulatory gambit with me, and here's a list of what I cover in my column:
Following up: California's mandate that new single-family homes and small multi-family dwellings must come with solar panels starting in 2020 has touched off a dispute among climate advocates about whether it's a good idea.
Why it matters now:
The sides, albeit oversimplified:
Be smart: Rochester Institute of Technology energy expert Eric Hittinger's excellent Twitter thread offers helpful framing. He writes:
One level deeper: The mandate, part of a wider efficiency policy, is expected to raise average new home costs by around $8,000–$12,000, per various reports.
Let's talk: Per Reuters, Russian acting energy minister Alexander Novak plans to chat in person this month with Saudi counterpart Khalid al-Falih about the U.S. decision walk away from the Iran nuclear deal.
Speaking of Iran: This new column in The National by analyst Robin Mills is a very informative look at the fallout from the Iran decision and the ongoing collapse in Venezuelan production.
"Saudi Arabia and its political allies will wish to maintain pressure on Tehran. And that requires lower, not higher prices. High oil prices mean that Iran will not lose in revenues even if exports are curbed. Customers for Iranian crude will have an incentive to find ways round the measures."
Shell: Per The Financial Times, "Royal Dutch Shell is facing the threat of a shareholder rebellion against its chief executive’s €9m annual pay packet, piling further pressure on the energy group which was already braced for a clash with investors this month over climate change."
Meeting fallout: So this happened since our last newsletter, per Bloomberg:
"President Donald Trump told a group of auto company executives that he is open to talks with California over vehicle fuel efficiency standards, something the industry is hoping can head off a battle between Washington and Sacramento."
Tesla: The Silicon Valley company "will be without two important executives just as the electric-car maker struggles to boost production of its first mass-market vehicle and faces doubts about its ability to raise cash," The Wall Street Journal reports.
Just yesterday: Abu Dhabi National Oil Company says it will pour $45 billion over five years into expanding refining and petrochemicals operations in Ruwais, to create the "world’s largest and most advanced integrated refining and petrochemicals complex."
Why it matters: The $45 billion figure, which includes investments with partners, underscores how oil giants are seeking to diversify their operations beyond crude production in different ways.
The big picture: Transforming oil into high-value petrochemicals is seen as a long-term growth market even as the peak in demand for oil needed for transportation is coming into view (though nobody really knows when).
Go deeper: Reuters breaks down the announcement here.
Oil: The International Energy Agency's closely watched monthly oil market report arrives Wednesday.
Total: On Thursday, the Center for Strategic and International Studies hosts an event with Patrick Pouyanné, the outspoken CEO of oil-and-gas giant Total.
Congress: Capitol Hill action this week includes...