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Expand chart

Reproduced from BP Energy Outlook, 2019; Chart: Axios Visuals

Escalating trade wars could limit America's rise as an oil and natural gas exporter while further boosting renewable energy use in some countries, BP's latest long-term energy outlook finds.

Why it matters: Surging shale production — combined with growing LNG and crude export infrastructure — is making the U.S. a player in global export markets. The Energy Department sees the U.S. becoming a net exporter in 2020.

But, but, but: BP's report, which is part of its annual, wide-angle look at the global energy system over the next 3 decades, models a scenario in which global trade disputes persist and worsen.

  • That would slow global GDP and energy demand growth, with the effect "concentrated in countries and regions most exposed to foreign trade."
  • "The risk premia on imported energy means the fall in energy consumed is concentrated in traded fuels (oil, gas and coal), with renewable energy increasing slightly."

What they did: BP's report contrasts this "less globalization" scenario with their "evolving transitions" (ET) case, which sees national policies, tech development and other forces continuing in a way that's consistent with the recent past.

What they found: Russia's exports are crimped, but the effect on the U.S. is even greater. "By 2040, US oil and gas exports in the ‘Less globalization’ scenario are around two-thirds lower than in the ET scenario."

The intrigue: Greater protectionism would slow down U.S. demand growth for renewables compared to the ET scenario as the country uses more of its domestically produced fossil fuels.

  • However, that's more than offset by greater EU and Chinese renewables demand growth relative to the ET case.

Go deeper:

Go deeper

Felix Salmon, author of Capital
20 mins ago - Economy & Business

Inflation will rise. Don't panic

Illustration: Annelise Capossela/Axios

It's been 40 years since America last saw a damaging level of inflation. Yet despite that — or perhaps because of it — inflation fears are widespread, and could even become self-fulfilling.

Why it matters: The government's strategy for bringing back employment and widespread prosperity involves a necessary — yet temporary — increase in inflation. When an entire generation has never experienced such a thing, that can be disconcerting. And for the time being, Americans are not buying what the government is selling.

Gunman kills 8 people in shooting at FedEx facility in Indianapolis

A screenshot of the Indianapolis Metropolitan Police Department spokesperson Genae Cook during a news conference Friday morning. Photo: Indianapolis Metropolitan Police Department/Facebook

A gunman opened fire at a FedEx warehouse facility in Indianapolis late Thursday, killing at least eight people and wounding multiple others, authorities said.

Details: "The alleged shooter has taken his own life here at the scene," Indianapolis Metropolitan Police Department spokesperson Genae Cook said during a news conference early Friday.

Dems race to address, preempt stimulus fraud claims

Illustration: Aïda Amer/Axios

Biden officials are working to root out the systematic fraud in unemployment and Paycheck Protection Program claims that plagued the Trump administration’s efforts to boost the economy with coronavirus relief money, Gene Sperling told House committee chairmen privately this week.

Why it matters: President Biden just signed another $1.9 trillion of aid into law, with Sperling tapped to oversee its implementation. And the administration is asking Congress to approve another $2.2 trillion for the first phase of an infrastructure package.

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