The Texas Railroad Commission declined to institute oil production limits and will look to other ways to cushion the financial blow coronavirus has delivered.
After a poor first-quarter, Halliburton has tightened its belt by shuttering two Texas facilities and laying off hundreds of employees.
Oil prices dropped to historic lows today as decreased demand because of the coronavirus pandemic resulted in an oversupply.
The Railroad Commission listened to over 10 hours of testimony and deliberation on placing a limit on oil production this week.
The Texas Railroad Commission will explore the pros and cons of oil production proration — or, limiting production to artificially increase and stabilize oil prices.
The state's Economic Stabilization Fund (ESF) is heavily reliant on severance taxes from oil and natural gas production. The ESF currently has an over $10 billion balance.
On top of coronavirus concerns, the oil market received a hit after Saudi Arabia and Russia began a production war after talks between the two OPEC nations stalled.
A look back at what spurred the greatest energy decade in Texas history.
The international oil market experienced a brief moment of volatility this week after an attack on a Saudi Arabian oil facility.
