April 14, 2020      6:49 PM

Texas energy sector appears to reject the idea of state intervention in production

All-day RRC hearing draws 20,000 viewers online; it became clear a Texas-only decision could lead the nation but without a national strategy the needle would only be moved marginally

Two of the state’s energy producers have proposed a return to a limitation on oil production in Texas for the first time in almost 50 years as a way to stem the economic hemorrhaging of the oil & gas industry.

The idea got a lot of attention.

Today’s virtual hearing of the Texas Railroad Commission – with only proration on the agenda – drew more than 20,000 viewers. Statistics were so startling that AdminTexas.com posted that the hearing – still going this evening – had significant viewership from Korea, Canada and Russia.

The proposal, in short, would be to cut Texas energy production, by possibly as much as 20 percent, to push up the sagging price of oil. Pioneer Natural Resources and Parsley Energy want it. Marathon Oil Corp. and many others pressed against it even with the promise that the cuts on production would be limited to top pumpers.

Copyright April 14, 2020, Harvey Kronberg, www.quorumreport.com, All rights are reserved