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Data: BloombergNEF; Chart: Sara Wise/Axios

The chart above helps visualize one reason why the oil industry doesn't have reason to completely freak out over emerging election results. It shows, via the research firm BloombergNEF, the amount of U.S. oil production on federally owned vs. private lands.

Why it matters: One of the most aggressive parts of Biden's agenda is ending new drilling permits on federal lands and waters. But as you can see, a large majority of U.S. output is on private lands.

Threat level: That doesn't mean Biden's vow doesn't create plenty of jeopardy for some companies.

  • There's a lot of federal lands output, and the amount of federal vs. private holdings varies by company.
  • Some have a portfolio weighted toward, say, Colorado or the New Mexico side of the Permian Basin, which are heavily federal.
  • However, per multiple reports like this one, companies have been stockpiling federal lands permits as a hedge against a Biden win.

The big picture: More broadly, oil prices climbed yesterday and so did the stock prices of a bunch of U.S. producers.

  • This Bloomberg story lays out the case that one reason oil prices climbed is the market hive mind thinking a divided government means Biden would be "restrained from enacting its most ambitious objectives."
  • “It means that anything that’s more of a left-leaning agenda, whether it’s through taxes, regulations or climate policies, will have a harder time getting passed, at least legislatively," Tamar Essner, director of energy capital markets at Nasdaq, tells Bloomberg.

Go deeper

Ben Geman, author of Generate
Jan 28, 2021 - Energy & Environment

Takeaways from Biden's sweeping order on climate change

Illustration: Aïda Amer/Axios

President Biden's mammoth executive order on climate policy weighs in at over 7,500 words and resists any single narrative, but I've got a few initial takeaways.

Why it matters: The order aims to marshal the entire federal government behind new initiatives, so that means agencies that may not have the muscle memory or expertise of the resource and environmental branches like EPA and DOE.

Updated 21 mins ago - Sports

MLB enters first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is in a management lockout — the first work stoppage since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost confirmed Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.