Mar 9, 2017

The oil industry’s Trump report card

Evan Vucci / AP

None of the oil industry execs gathered in Houston have been as overtly political or rah-rah-rah about Donald Trump as Harold Hamm. The billionaire fracking magnate opened a session about North American drilling by declaring Trump "unique in the political world because he keeps his promises."

For the industry overall, the vibe about the Trump era is that it will be positive for their business, but there's a few things that worry them too. Here's what they're psyched about:

  • Trump's promises — and the early evidence — of easier, quicker permitting for pipelines and other infrastructure.
  • The zeal of Trump and the GOP Congress to pull back on Obama-era regulations. But that said, number of analysts have emphasized in interviews that market fundamentals have way, way more to do with drilling and production decisions than regulations.

What they're concerned about:

  • Trade. Trump's protectionism could be a problem for an industry with global supply chains and, for some companies, a global footprint too.
  • The shape of the planned tax overhaul. They want lower rates but they're wary of, if not downright hostile to, the border adjustment tax. "I want to see the U.S. become more competitive, not burdening imports," Chevron CEO John Watson said onstage.

Go deeper

History's largest lockdown leaves Indian workers stranded, afraid

A migrant worker on the move with his child, in Gurugram, India. Photo: Parveen Kumar/Hindustan Times via Getty

Few moments better capture the world into which we've slipped than the decision of one man to order 1.4 billion into lockdown.

Why it matters: India’s three-week lockdown is the largest ever attempted, and it sparked South Asia's greatest migration since partition in 1947. While the economic effects could be devastating, the public health crisis it's intended to fend off could be more destructive still.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 782,319 — Total deaths: 37,582 — Total recoveries: 164,565.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 5 p.m. ET: 161,807 — Total deaths: 2,953 — Total recoveries: 5,595.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

First U.S. service member dies from coronavirus

Photo: Yasin Ozturk/Anadolu Agency/Getty Images.

The Pentagon on Monday announced the death of a member of the New Jersey National Guard who tested positive for the coronavirus.

Why it matters: It's the first U.S. service member — active, reserve or Guard — to die from the virus, according to the Pentagon. The guardsman passed away on Saturday after being hospitalized for the novel coronavirus on March 21.

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