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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
Nov 25, 2020 - Energy & Environment

Powerful lobbying groups push back on climate suits

Powerful lobbying groups are throwing their support behind oil companies' efforts to keep climate-related lawsuits against the industry out of state courts.

Driving the news: The U.S. Chamber of Commerce and National Association of Manufacturers, among others, filed amicus briefs this week supporting Big Oil companies in a pending jurisdictional case before the Supreme Court.

24 mins ago - Health

U.S. exceeds 100,000 COVID-related hospitalizations for the first time

People wait outside the Emergency room of the Garfield Medical Center in Monterey Park, California on Dec 1. Photo: Frederic J. Brown/Getty Images

More than 100,200 Americans were hospitalized as of Wednesday due to the coronavirus for the first time since the outbreak began in early 2020, per the COVID Tracking Project.

The big picture: The milestone comes as health officials anticipated cases to surge due to holiday travel and gatherings. The impact of the holiday remains notable, as many states across the country are only reporting partial data.

4 hours ago - Science

The "war on nature"

A resident stands on his roof as the Blue Ridge Fire burned back in October in Chino Hills, Calif. Photo: Jae C. Hong/AP

Apocalyptic weather is the new normal because humans are "waging war on nature," the UN declared on Wednesday.

What they're saying: "The state of the planet is broken," said UN Secretary-General António Guterres, reports AP. “This is suicidal.”