Texas Regulators Not Ready To Cut Texas Oil Production

(Austin, TX) — The state agency that regulates the oil and gas industry in Texas isn’t ready to reduce oil production in the state.

The three members of the Texas Railroad Commission met Tuesday to discuss a cut in output as a means of shoring up prices. The coronavirus outbreak has greatly reduced demand for oil, leading to a worldwide oil glut and a plunge in the price of crude. Tens of thousands of Texas oil workers are out of a job as a result.

On Tuesday, two of the three commissioners voted against a cut in output. They agreed to create a task force to study ways to help the industry recover from the plummet in oil prices.