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Data: EIA; Chart: Axios Visuals

U.S. oil production's nearly 2 million barrel per day decline in May was the steepest monthly drop since at least 1980, the federal Energy Information Administration said in a short report.

Why it matters: The agency's monthly production data, which is more robust than weekly snapshots but arrives with a lag, starkly shows the toll the pandemic took on U.S. output after the price collapse caused a major pullback. Some of the lost output has recently returned as prices improved, but production is expected to remain depressed.

Go deeper

Ben Geman, author of Generate
Oct 23, 2020 - Energy & Environment

Biden looks to stem oil "transition" furor amid GOP attacks

Former Vice President Joe Biden. ANGELA WEISS / Getty Images

Joe Biden's campaign is looking to blunt attacks in response to his comments in Thursday night's debate about a "transition from the oil industry," as Republicans look to make the remarks a liability in the closing days of the race.

Driving the news: Biden campaign spokesperson Bill Russo, in comments circulated to reporters Friday afternoon, said the former VP "would not get rid of fossil fuels," but wants to end subsidies.

Dan Primack, author of Pro Rata
10 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.