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Gerald Herbert / AP

U.S. crude oil exports have exceeded 1.2 million barrels a day, per the Financial Times. That follows the lifting of a 40-year-old ban on crude oil exports in 2015, and far exceeds baseline projections. As the FT points out, the strong exports are a result of:

  • The oil glut in the world market has made U.S. oil a relative bargain compared with other grades.
  • A rebound in oil prices last year has encouraged U.S. companies to increase drilling. The EIA estimates domestic production is above 9 million barrels a day for the first time in 10 months.
  • U.S. refineries, unlike OPEC, haven't done much to "mop up" the glut.
  • Rates for leasing supertankers have declined, making its cheaper to transfer oil to foreign countries.

Why this matters: The situation poses a threat to Saudi Arabia and other key OPEC members, which have historically had control over the oil industry and the power to gauge pricing. But following the group's November agreement to curtail oil output, concerns about tighter oil supplies have led foreign countries to look elsewhere — such as to the U.S. — for their supply.

Go deeper

Tech scrambles to derail inauguration threats

Illustration: Sarah Grillo/Axios

Tech companies are sharing more information with law enforcement in a frantic effort to prevent violence around the inauguration, after the government was caught flat-footed by the Capitol siege.

Between the lines: Tech knows it will be held accountable for any further violence that turns out to have been planned online if it doesn't act to stop it.

Dave Lawler, author of World
5 hours ago - World

Uganda's election: Museveni declared winner, Wine claims fraud

Wine rejected the official results of the election. Photo: Sumy Sadruni/AFP via Getty

Yoweri Museveni was declared the winner of a sixth presidential term on Saturday, with official results giving him 59% to 35% for Bobi Wine, the singer-turned-opposition leader.

Why it matters: This announcement was predictable, as the election was neither free nor fair and Museveni had no intention of surrendering power after 35 years. But Wine — who posed a strong challenged to Museveni, particularly in urban areas, and was beaten and arrested during the campaign — has said he will present evidence of fraud. The big question is whether he will mobilize mass resistance in the streets.

Off the Rails

Episode 1: A premeditated lie lit the fire

Photo illustration: Sarah Grillo/Axios. Photo: Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 1: Trump’s refusal to believe the election results was premeditated. He had heard about the “red mirage” — the likelihood that early vote counts would tip more Republican than the final tallies — and he decided to exploit it.

"Jared, you call the Murdochs! Jason, you call Sammon and Hemmer!”