Good morning and welcome back!
The internet is slightly divided on this point, but it seems like XTC's Oranges & Lemons may have been released on this date in 1989. That's reason enough to get going with some well-crafted British pop . . .
A company planning to export liquefied natural gas from the Gulf Coast will warn lawmakers this morning that surging U.S. gas production could become "stranded" absent bigger investment in pipeline and LNG infrastructure.
On the record: In testimony prepared for a House Natural Resources Committee hearing today on the geopolitics of LNG, Tellurian president Meg Gentle says the government plays a key role in both laying the infrastructure groundwork for exports and offering a supportive and efficient regulatory environment.
"The U.S. clearly enjoys many advantages, but our valuable supply stands at risk of being left behind if we don’t build infrastructure now."— Tellurian president Meg Gentle
By the numbers: Gentle says her company plans to invest $29 billion in infrastructure. But, she says more is needed — an estimated $170 billion is required in initial investments industry-wide.
Why you'll hear about this again: The U.S. is poised to become a key player in global LNG markets. Exports from the Gulf Coast that began in 2016 with Cheniere Energy helped the U.S. recently become a net gas exporter.
Shell's global warning: In a report yesterday, Shell points out that final investment commitments in LNG projects worldwide have stalled since 2015. And, this creates the risk of a supply-demand gap opening in the mid-2020s.
Go deeper: CNBC breaks down Shell's analysis here.
Nuclear power: Energy secretary Rick Perry will travel to London to meet with Saudi Arabian officials Friday to discuss a possible deal to build nuclear reactors in the kingdom, per Bloomberg citing sources familiar with the plan.
Biofuels: President Trump is slated to meet at the White House today with several GOP senators, EPA administrator Scott Pruitt and others to discuss possible changes to the Renewable Fuel Standard that would ease compliance costs for oil refiners.
A big question among oil experts these days is whether today's worldwide investments in new supplies are too low to avoid risk of a "supply gap" opening up in the early 2020s as demand grows and existing fields decline. Here are two competing views offered this week...
Fresh warning: The head of one of the world's largest oil-and-gas companies says the surge in U.S. crude production is not enough to prevent problems from emerging in a few years.
Don't worry so much: A research note this week from Barclays analysts, however, suggests that these types of concerns are likely misplaced.
Via my colleague Amy Harder...
Nearly half of all U.S. states have raised their gasoline taxes since 2013, according to industry data compiled by Axios.
Why it matters: The trend, which includes conservative states, stands in stark contrast to the opposition that congressional Republicans and conservative interest groups have to raising the federal gas tax.
What’s next: A battle between two corners of the Republican Party.
Quick take: The Chamber’s proposal, despite an apparent endorsement by Trump, faces steep odds in Congress. Many Republicans are opposed to the notion that Washington would raise taxes shortly after passing tax cuts. But both sides of this battle view the proposal as the beginning of a years’ long fight.
Policy: My Axios colleague Kia Kokalitcheva reports that "California regulators have approved new rules that will allow the testing of fully driverless cars on state roads as soon as April."
More policy: Utility Dive looks at a recent report on state-level and utility policy moves on EVs last year, and draws a contrast with tensions over solar.
Forecasts: The Financial Times reports that big automotive supplier Valeo has doubled its forecast for EV sales, thanks to increased spending by automakers on their EV lines.
Fuel mix: "The Boston Consulting Group added its voice to the chorus of forecasts predicting a slump in U.S. gasoline consumption as electric vehicles become popular and internal combustion engines turn more efficient," per Bloomberg.
View from above: This corner of NASA's website has a bunch of amazing satellite photos of places all over the planet. The shot above, from the Landsat-8 satellite in 2013, is part of Western Australia.
"The image shows rich sediment and nutrient patterns in a tropical estuary area and complex patterns and conditions in vegetated areas," NASA's description states.