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.