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EIA again cuts U.S. oil production forecast amid coronavirus cutbacks

Ben Geman, author of Generate
Data: EIA; Chart: Naema Ahmed/Axios

The Energy Information Administration has again cut its U.S. oil production forecast as companies curb output amid the price and demand collapse driven by the coronavirus pandemic.

Driving the news: The agency now sees production averaging 11.7 million barrels per day this year and 10.9 million in 2021.

The big picture: Those estimates are slightly lower than the April edition of their monthly analysis.

  • Back in January, which feels like a century ago, EIA estimated that U.S. production would average 13.3 million daily barrels this year and keep climbing to around 14 million in the fourth quarter of 2021.

Go deeper: Coronavirus drives oil to a "rapid and brutal adjustment"

Go deeper

Amy Harder, author of Generate
Aug 6, 2020 - Energy & Environment

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Go deeper (2 min. read)Arrow
Ben Geman, author of Generate
Aug 5, 2020 - Energy & Environment

Electric vehicle startup Nikola claims progress but stock plunges

Illustration: Aïda Amer/Axios

Nikola Corp., a company planning to build electric and hydrogen fuel-cell trucks, posted an $86.6 million quarterly net loss Tuesday in what was its first earnings report after going public in June.

Why it matters: Nikola is attracting lots of attention for plans to build a line of semi-trucks, as well as a pickup, in the coming years as it tries to break through in those fledgling markets.

Go deeper (1 min. read)Arrow
Ursula Perano
36 mins ago - Politics & Policy

National Guard chief says it took 3 hours for Pentagon to grant Jan. 6 request

Photo: Stefani Reynolds/Bloomberg via Getty Images

William Walker, commanding general of the D.C. National Guard, will testify Wednesday that it took three hours and 19 minutes for Pentagon leadership to approve a request for National Guard assistance during the Jan. 6 Capitol attack, according to his prepared remarks.

Why it matters: The timeline over when National Guard requests were made and granted has been a key point of contention in congressional hearings examining the security failures surrounding the Capitol riots.

Go deeper (1 min. read)Arrow