Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

U.S. oil prices reached a six-year high Tuesday morning after OPEC+ talks on production increases fell apart in recent days — a stalemate that will add more upward pressure on rising U.S. gasoline prices. The White House wants more OPEC+ barrels on the market.

Driving the news: OPEC and allied producers led by Russia deadlocked on specifics of their ongoing return from joint production curbs last year when the pandemic crushed demand.

  • The United Arab Emirates is upset with how its production would be allotted under the complicated formula, per multiple reports.
  • WTI, the U.S. benchmark, reached almost $77 earlier in the day.

Why it matters: Unless something changes, more barrels the market had been expecting next month won't arrive.

"The additional 500,000 to one million barrels a day increase in production expected won’t be materialising for now. Given the oil market is so tight, prices are unsurprisingly on the rise," Oanda analyst Sophie Griffiths said in a note Tuesday.

The big picture: U.S. gasoline prices are at their highest levels in over six years as summer travel is underway, and currently average around $3.13-per-gallon as of Tuesday morning, according to AAA.

"The United States is closely monitoring the OPEC+ negotiations and their impact on the global economic recovery from the COVID-19 pandemic," a White House spokesperson said Monday.

  • The spokesperson said U.S. officials "have been engaged with relevant capitals to urge a compromise solution that will allow proposed production increases to move forward."
  • Reuters' piece on the White House statement notes that rising oil prices are fueling inflation concerns and that White House aides want stable market conditions.
  • Republicans, per Politico, are seeking political mileage from gas price increases.

What they're saying: Goldman Sachs analysts say higher prices are expected as physical markets tighten, but suggest that outright chaos is unlikely.

  • "Big picture, the differences between both parties seem surmountable as they agree on ramping-up production into year-end with the still high uncertainty for 2022 oil balances making a pledge to any long-term commitment unnecessary today," they write in a note.

What we don't know: The OPEC+ endgame.

"The situation can still change of course and prices can normalize as unofficial talks are always ongoing and there could be a sudden breakthrough," Rystad Energy analyst Louise Dickson said in a note.

But Dickson adds, "The lack of an official new meeting date is worrying the market."

Go deeper

Ben Geman, author of Generate
Oct 12, 2021 - Energy & Environment

Report: Oil execs split on decarbonization plans

Illustration: Aïda Amer/Axios

A lot of discussion about oil companies' climate efforts compares U.S. and European majors, but a new report shows there's no strategic consensus in the wider industry.

Driving the news: Deloitte's analysis says separate approaches have emerged as companies prepare for long-term declines in demand in a world that will still likely use huge amounts of oil for decades.

The biggest headline from Biden's town hall

President Biden greets attendees during a commercial break in Baltimore last night. Photo: Nicholas Kamm/AFP via Getty Images

What matters from President Biden's town hall with CNN's Anderson Cooper at Baltimore Center Stage on Thursday, via Axios night owl Hans Nichols:

The biggest headline: Biden is jettisoning the corporate tax increases that White House officials have insisted, for the past 10 months, are wildly popular across the country. He admitted he doesn't have the votes.

Trump, your 2024 GOP nominee

Illustration: Shoshana Gordon/Axios

Former President Trump is telling most anyone who'll listen he will run again in 2024 — and poll after poll shows the vast majority of Republicans would gladly cheer him on and vote for him. 

Why it matters: Trump is the heart, soul and undisputed leader of the Republican Party and will easily win the nomination if he wants it, the polls make unmistakably clear.