Houston And The Oil Market Crash: Texas Regulators Hold Hearing On Proration

As the oil market crash impacts the Houston and Texas economies, we’ll provide updates at Houston Public Media.

By Kyra BuckleyApril 16, 2020 9:30 am, ,

 From Houston Public Media:

Texas oil continues to hover around $20 per barrel as COVID-19 has halted demand, and an international price dispute has caused an oversupply of oil. More than many places, Houston is feeling the brunt of the downturn.

In a rare move, some oil and gas companies are asking the state to regulate them more. They want the Texas railroad commission to put a cap on production for all companies in the state, saying it will help stabilize historically low prices.

However, not everyone agrees, and the commission heard both sides in a virtual hearing on Tuesday April 14.


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