Today marks the 1969 release of the Sly and Family Stone album "Stand!" So, they'll get us going today . . .
My colleague Steve LeVine sizes up the state of Tesla...
Call him erratic: Tesla CEO Elon Musk eagerly told analysts he's on the right path, refused to answer questions he called "boring," and told off a broker whose clients, he said, can't tolerate market volatility.
Why it matters: By the time Tesla's first-quarter earnings call was over Wednesday evening, its share price had dropped by 4.5%.
Driving the news: Musk is under a cloud for production failings of his vaunted mainstream Model 3, along with a 22% plummet of Tesla's share price since September. He's left with his old problem in place, and now some new ones:
Much of the market thinks that Musk will be forced in the second half of the year to raise cash to support Tesla's ramp-up. In the call, Musk reiterated that he has no such plans. But in the event the market is right, it won't help that he insulted a group of the folks who influence the success of equity sales.
Yet, Musk had a positive story to tell:
Go deeper: Click here for more.
Axios' Amy Harder reports...
A climate policy pursued under former President Obama is poised to create thousands of jobs and lower America’s trade deficit, according to a report backed by a trade group.
Why it matters: Usually it’s the other way around, with industry slamming an Obama-era regulation. The report by this trade group, which represents some 300 companies in the air conditioning, heating and refrigeration industries, flips conventional wisdom on its head.
Between the lines: The reason why is simple, and it has nothing to do with climate: Companies like Honeywell, Trane and Carrier have invested millions of dollars adapting to what they have long expected the policy to be, and they want to make sure their investments aren’t wasted.
Who's pushing: The report by two industry groups — the Air-Conditioning, Heating and Refrigeration Institute and the Alliance for Responsible Atmospheric Policy — was sent Wednesday to the Trump administration.
The gritty details:
Go deeper: Click here for more.
A couple of stats caught my eye that say a lot about U.S. energy markets...
63.96: That's the record percentage of wind energy penetration in the Southwest Power Pool (SPP) region recorded in the very early morning hours of April 30, the organization reported this week.
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2: That's the number of consecutive weeks that U.S. crude oil exports have averaged over 2 million barrels a day. It’s the first time exports have been over that level for two weeks in a row, according to federal data.
The Energy Information Administration reported yesterday that crude oil exports averaged 2.15 million barrels per day for the week ending April 27, down from 2.33 million the prior week.
CAFE and oil demand: The Rhodium Group consultancy has a new analysis of the Trump administration's moves to scuttle Obama-era mileage standards for model years 2022–2025, and potentially block California from implementing tougher standards too.
Why it matters: Stricter mileage and carbon emissions rules for cars was among the pillars of Obama's environmental agenda.
What they did: Rhodium modeled what press reports say could be an administration move to freeze the national standards at 2020 levels and thwart California (and hence other states that follow its lead).
Looking at a very wide range of potential oil prices, from well below today's levels to vastly higher, they find...
What the Saudis want: Bloomberg explores the implications of a new International Monetary Fund report which estimates that Saudi Arabia would need oil prices at $88 per barrel to balance its national budget. This would be roughly $15 above today's Brent price.
Offshore drilling: The consultancy Rystad Energy predicts in a new analysis that 100 new offshore oil projects will be sanctioned worldwide this year, compared to 60 last year and fewer than 40 in 2016.
Making it official: Yesterday the American Petroleum Institute announced that its next president and CEO will be Mike Sommers, a longtime Capitol Hill veteran who currently heads a private equity trade group.
My Axios colleague Alayna Treene reports that the West Virginia Senate primary has become a lot more interesting thanks to ex-coal baron Don Blankenship, one of three GOP contenders, who has railed against government and even high-profile Republicans with vulgar and personal insults.
Why it matters: Although conventional Republicans are hoping to force Blankenship — who's fresh out of prison after his involvement in a 2010 mine explosion that killed 29 people — out of the race, he's found a following among Republicans who share his hatred for the establishment and appreciate his brashness.
Why he's so controversial: His attacks, on Senate Majority Leader Mitch McConnell in particular, as part of his cutthroat campaign are becoming too outrageous to ignore.
What he's saying, about McConnell:
Go deeper: Click here for the whole story.
Shifting politics: A new Reuters analysis of campaign finance data shows...
One reason it matters: The story points out that GOP lawmakers have helped to defeat congressional efforts to scuttle key renewables tax incentives.
By the numbers: "Overall, political action committees representing solar and wind companies have donated nearly $400,000 to candidates and PACs in the 2018 election cycle, including $247,000 to Republicans, $139,300 to Democrats, and $7,500 to independents," the story notes.