Oil futures turned negative on Monday, a historic move that reflects too much supply and too little demand amid the coronavirus pandemic. Dan digs into why it happened and what happens next with Axios energy reporter Ben Geman.

Go deeper: Oil's march into the unknown

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Cheap oil shelves carbon capture project

Illustration: Aïda Amer/Axios

A Texas carbon capture project hailed as a key solution to climate change has been "mothballed" over low oil prices, E&E News reported on Tuesday evening. 

Our thought bubble: The news is unsurprising but nonetheless emblematic of the complex relationship between climate policies and oil prices, which collapsed along with oil demand in the wake of the pandemic.

Elliott Abrams to replace Brian Hook as Trump's Iran envoy

Brian Hook. Photo: Tayfun Coskun/Anadolu Agency via Getty Image

President Trump's Iran envoy, Brian Hook, is stepping down, Secretary of State Mike Pompeo confirmed Thursday. He will be replaced with Venezuela envoy Elliott Abrams, a noted Iran hawk who will serve in both roles.

Why it matters: Hook had been tasked with executing Trump's "maximum pressure" policy toward Iran, working closely with Pompeo. That strategy has deepened tensions and thus far failed to force Iran back to the negotiating table, as Trump had hoped.

Ohio Gov. Mike DeWine tests positive for coronavirus ahead of Trump visit

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) has tested positive for COVID-19 and plans to quarantine at his home for the next 14 days, his office announced Thursday. He currently has no symptoms.

Why it matters: The 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol. He is the second governor known to have contracted the coronavirus, after Oklahoma Gov. Kevin Stitt (R).