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The oil industry and its backers are coming out swinging against proposals pushed by Democratic presidential candidates aiming to virtually eliminate oil and gas.

Why it matters: The emphasis, made at an annual luncheon attended by hundreds of energy executives, shows how worried the industry is about the potential impact of such proposals, including fracking bans.

What they're saying:

"At the extreme, we hear promises on the 2020 campaign trail to ban fracking, nationwide and forever. Here's a glimpse at that vision: Millions of jobs lost, a spike in household energy costs, a manufacturing downturn, less energy security. In the short run, a fracking ban in America would quickly invite a global recession. You don't abolish the most dynamic asset of the world's leading energy supplier without severe consequences."
— Mike Sommers, CEO and president, American Petroleum Institute, a nonpartisan trade association

Sommers told reporters after the event that a report the group is going to release in the next week will show that such a move would cause a global recession.

Reality check: No evidence exists to back up the claim a U.S. ban on fracking, a controversial oil and gas extraction technique, would lead to a global recession. Such a move would likely hurt the economy and reverse the trend toward more energy security, though the extent to which that would occur is unclear.

  • A September note from consulting and research firm Rapidan Energy Group projects that if a ban were imposed on Jan. 1, 2022, U.S. oil production from shale formations would fall by more than 3 million barrels per day within a year.

But, but, but: A Democratic president would need Congress to ban fracking nationally, and given the economic benefits of cheap oil and gas, such a move is unlikely to get enough support (something Sommers mentioned on Tuesday).

  • A de facto ban on federal lands would be more likely, but most production has been on private lands.

Go deeper:

Go deeper

Dave Lawler, author of World
55 mins ago - World

Oxford and AstraZeneca's vaccine won't just go to rich countries

Waiting, in New Delhi. Photo: Jewel Samad/AFP via Getty Images

While the 95% efficacy rates for the Moderna and Pfizer/BioNTech vaccines are great news for the U.S. and Europe, Monday's announcement from Oxford and AstraZeneca may be far more significant for the rest of the world.

Why it matters: Oxford and AstraZeneca plan to distribute their vaccine at cost (around $3-4 per dose), and have already committed to providing over 1 billion doses to the developing world. The price tags are higher for the Pfizer ($20) and Moderna ($32-37) vaccines.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford University's 90%-effective vaccine.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 coronavirus deaths — Americans line up for testing ahead of Thanksgiving.
  3. Travel: Air travel's COVID-created future — Over 1 million U.S. travelers flew on Friday, despite calls to avoid holiday travel.
  4. World: England to impose stricter regional systemU.S. coronavirus hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  5. Economy: The biggest pandemic labor market drags.
  6. Sports: Coronavirus precautions leave college basketball schedule in flux.

Biden transition names first Cabinet nominees

Biden with John Kerry. Photo: Justin Sullivan/Getty Images

President-elect Joe Biden on Monday unveiled his nominations for top national security positions in his administration, tapping former Secretary of State John Kerry as his climate czar and former deputy national security adviser Avril Haines as director of national intelligence.

Why it matters: Haines, if confirmed, would make history as the first woman to oversee the U.S. intelligence community. Biden also plans to nominate Alejandro Mayorkas to become the first Latino secretary of the Department of Homeland Security.

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