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Reproduced from IEA's World Energy Investment 2019 report; Chart: Axios Visuals 

Companies are either investing too much or too little in oil and natural gas, depending on whether or not the world takes aggressive action to reduce greenhouse gas emissions, concludes a new International Energy Agency report.

Driving the news: Oil spending levels, which have dropped since 2014 when oil prices collapsed, would need to drop even more to be consistent with the goals outlined in the 2015 Paris Climate Agreement. But investment levels also “fall well short of what would be needed in a world of continued strong oil demand,” the report states.

Where it stands: The above chart shows how conventional oil and gas discoveries are at record lows, creating risk in the coming years of either not enough oil for current demand or too much oil in a carbon-constrained world.

  • The report says investment in exploration is set to rise to $60 billion this year, an increase of 18% compared to 2018, which “would be the first one since 2010.”
  • “Nonetheless, the share of exploration in total upstream investment remains almost half the level in 2010.”

Between the lines: IEA excluded from this chart unconventional resources, like the ones found in shale rock formations driving America’s oil and gas boom. That’s because shale resources aren’t “discovered” the same way conventional kinds are. And anyways, the latter remain the dominant channel for investment (about two-thirds).

What they’re saying: Government uncertainty on climate policy is leading oil and gas companies to focus on more profitable projects with shorter lead times — like shale resources — that expose them less to long-term uncertainty, according to IEA expert Michael Waldron: “Governments have not clearly committed nor have they clearly not committed to reaching the Paris Agreement targets.”

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Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.