Texas refused to limit oil production

Recently, some American oil companies Have begun to cut oil production on their own and asked for help and clarification from the Texas Railroad Commission (RCC), which regulates hydrocarbon production. However, regulator chief Wayne Christian told CNBC, the RCC has not made a decision to limit oil production.

The video session lasted about 10 hours. About 50 companies took part in it, including Exxon Mobil, Occidental Petroleum, Pioneer Natural Resources, Marathon Oil and other oil producers.

The head of the RCC said that "there have been many points of view and many doubts." Therefore, the regulator could not make a decision that would suit everyone, only promising that the study of further steps would continue.

No decision has been made and will not be made until we come to some common denominator

Christian said logically.

In his opinion, the participants in the event recognized the "desperate situation of the industry." He believes that if the right measures are not taken to stabilize the situation, then "hundreds of thousands of people may lose their jobs."

The thing is that there are significant disagreements between the participants in the discussion. For example, the “shale” want oil quotas to appear in Texas, as they did in the 70s of the XNUMXth century. They are supported by one of the members of the RCC Ryan Sitton, who proposed the United States to join the OPEC + agreement.

Against quotas are global oil and gas corporations. They believe that the “hand of the market” itself will regulate everything, so there is no need to intervene.

Christian noted that Texas is not ready to act alone. Therefore, the final decision should be made by a more authoritative structure - the commission regulating the production of hydrocarbons in 31 states of the USA and Canada. In addition, he said, the RCC needs support from the US federal government.

We must act like a united nation, only in economic terms, against other forces in the world

he summed up.

Texas produces 40% of all US oil. Production is about 5,8 million barrels per day. State law allows you to restrict mining, if any economic and environmental risks.
  • Photos used: https://pixabay.com/
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  1. Don36 Offline Don36
    Don36 (Don36) April 16 2020 20: 22
    So, OPEC will soon abandon such restrictions, which will further reduce oil prices and finally finish off American shale oil workers whose work at a price below a hundred bucks a barrel is not profitable ... Well, now existing wells are being completed, and new ones will not be drilled for what. Drilling in shale deposits often has to be drilled, since the oil in a particular well is exhausted quite quickly.
  2. Observer2014 Offline Observer2014
    Observer2014 April 16 2020 20: 56
    Texas refused to limit oil production

    Here are the bad people. These are not businessmen. This same ... some (there follows a quote from the Russian film "Zhmurki"). laughing
  3. Sergey Latyshev Offline Sergey Latyshev
    Sergey Latyshev (Serge) April 16 2020 23: 53
    Not fools. Once refused, then no need.
    1. Sergey Tokarev Offline Sergey Tokarev
      Sergey Tokarev (Sergey Tokarev) April 17 2020 07: 32
      Not all of the oil storage facilities they filled at a loss))) Then, only pour oil into the cell and into the cellar)))))))
      1. Sergey Latyshev Offline Sergey Latyshev
        Sergey Latyshev (Serge) April 17 2020 08: 33
        Yes. In our country, one and a half experts dofiga .....
        Just because of them, gasoline always rises in price .... and in Texas it’s getting cheaper ...
        1. Sergey Tokarev Offline Sergey Tokarev
          Sergey Tokarev (Sergey Tokarev) April 18 2020 18: 04
          And what's the point? Need gasoline 20 million unemployed? At least give it away for free. The Americans will soon have nothing to eat and pay for housing.
          1. Sergey Latyshev Offline Sergey Latyshev
            Sergey Latyshev (Serge) April 18 2020 23: 38
            With 400-450 million people ...
            380 million cheap gas will be needed ... and also needed for nothing ...
            Texas, they said, supposedly the peak has passed - mortality has begun to decline ...

            There will be nothing to eat ??? - they’ll lose weight a bit ... and they have a lot of Bush legs ....
            1. Sergey Tokarev Offline Sergey Tokarev
              Sergey Tokarev (Sergey Tokarev) April 19 2020 05: 43
              Texas stopped 1200 rigs ... so oil is apparently needed. Several of the largest slaughterhouses in the United States closed due to lack of demand, respectively, and the farmer will simply bury their cattle in cattle burial grounds. They do not keep chickens on lifelong maintenance ... and after they passed about the passage of a peak in the USA to 2000 corpses, 4000 died out !!! Tell the homeless about Bush’s legs ... they’re probably eating chicken three times a day ... stewed, boiled, fried and with a vegetable side dish.
              1. Sergey Latyshev Offline Sergey Latyshev
                Sergey Latyshev (Serge) April 19 2020 09: 50
                We have no homeless people in the village, so tell your ...
                Nevermind, all the same, in all my life I haven’t seen a single amer.

                They’ve been homeless for 100 years, and somehow survive .... in crises, in hurricanes, in epidemics, and with blacks, Mexicans, Bush’s legs ...
                1. Sergey Tokarev Offline Sergey Tokarev
                  Sergey Tokarev (Sergey Tokarev) April 19 2020 13: 40
                  So you will survive ... maybe ... and in general, a speech in an article about Texas. Venezuelans cheap gasoline does not add joy. Bushes have long been engaged in weapons and oil. Chicken meat is not their profile.
                  1. Sergey Latyshev Offline Sergey Latyshev
                    Sergey Latyshev (Serge) April 19 2020 22: 24
                    It is Texas.
                    Allegedly, the peak of the epidemic has passed. Allegedly, gasoline has fallen in price.
                    And Venezuelans, Kuwaitis, Saudis, Norwegians and us ... alas.