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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.

Dave Lawler, author of World
1 hour ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.