EXPLAINER-How does Texas have the power to curb the state's oil output? [Reuters]
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Source: Reuters
Explainer: How does Texas have the power to curb the state's oil output? HOUSTON (Reuters) - Texas oil and gas regulators in coming days are poised to decide whether to order larger producers in the state to shut in 20% of their output, wading into global oil politics as the coronavirus crisis slashes demand for oil CLc1. The Railroad Commission, organized in the 1890s to oversee private railroads, grew to encompass other businesses, including oil and gas production and transportation. It is composed of three elected commissioners. Texas regulators have the authority to limit production, but have not done so in decades. They have a mandate under state law to “prevent waste of the state’s natural resources,” and some producers and one commissioner argue that the current oversupply of oil and price crash amounts to “economic waste.” The agency first started to regularly limit output as a way to lift oil prices after the discovery of the giant East Texas field in the 1930s. That field ra
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