Axios

With summer driving season here, let's revisit two big questions: why isn't the global oil crisis even worse, and how long until economic damage from the Iran war gets even more acute?

Why it matters: There's persistent risk of much higher prices and expanding shortages.

President Trump plans to announce nearly $700 million in new federal support for coal-fired power and coal exports Thursday, Bloomberg first reported and the White House confirmed to Axios.

Why it matters: Trump officials are looking to revive the electricity source that has long been declining in the U.S., and coal production has also been mostly falling for almost two decades.

Seven northeast states sued the Trump administration on Tuesday over its payment of $795 million to TotalEnergies to give up a wind lease in a coastal region off New York and New Jersey.

Why it matters: The deal with the French energy giant is among the White House's most aggressive moves targeting offshore wind development.

Princeton University's endowment on Monday abandoned its 2022 pledge to divest from publicly traded oil and gas companies, although it will comply with a trustee mandate to divest from thermal coal and tar sands companies.

What they're saying: Princo president Vincent Tuohey writes that the endowment will continue working toward a "net-zero endowment by 2046," but doesn't believe such divestitures are necessary to achieve that goal.

Analysts are starting to wonder if the world needs less oil than they thought it did when the Iran war started.

Why it matters: Decades ago, a global oil shock triggered permanent changes to the structure of the global economy, and signs are now emerging that it's happening again.

Gigascale Capital, the VC firm founded by ex-Meta CTO Mike Schroepfer, just announced a new $250 million fund to back startups "rebuilding the physical economy for climate impact."

Why it matters: It marks an evolution of the climate-focused firm Schroepfer launched in 2023 that supports early-stage startups.

The AI boom is pushing companies across the economy — from tech giants to automakers — deep into the energy business.

Why it matters: The scramble for electricity has become the gold rush beneath the AI boom, creating enormous financial value and enormous risk if demand falls short.

Pain at the pump is easing, but gas is far costlier heading into the summer than last year — and what comes next is wildly unpredictable.

Why it matters: High gas prices are the most visible economic effect of the Iran war for many Americans grappling with inflation.

China has pulled off probably the biggest surprise of the Iran war — and it's confounding commodity analysts.

Why it matters: Since the start of the conflict, China has sharply cut the amount of oil it imports — and that has kept a lid on global oil prices.

Colorado's best summer days follow a formula: blue skies, hot afternoons, low wind and packed pools and parks across the Front Range.

• But those same conditions also create the ideal environment for ground-level ozone to form.

Why it's important: Many residents move to Colorado expecting "mountain air," but the Front Range's geography can actually help trap pollution where people live, work and spend time outside.

That contributes to a summertime ozone problem that regularly pushes the region above federal air quality standards.