UPDATE 2-Head of Texas energy regulator opposes state-mandated oil curbs [Reuters]
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Source: Reuters
Head of Texas energy regulator opposes state-mandated oil curbs HOUSTON (Reuters) - The chairman of Texas’ energy regulator on Wednesday came out in opposition to a proposal that would force oil producers in the state to cut production by a combined total of 1 million barrels per day. Wayne Christian, who has not previously taken a public stance, said in an op-ed in the Houston Chronicle newspaper that a state-mandated cut would not significantly impact global oil supply and that he will “stick to my free market principles.” Texas energy regulators next week will vote on the proposed reduction in the state’s oil output after delaying it on concerns of legal challenges. Oil and gas companies have been gushing red ink and cutting tens of thousands of workers as prices tumble, prompting regulators in the largest U.S. oil-producing state to wade into global oil politics and consider some producers’ calls for cuts. The Texas Railroad Commission, the state’s energy regulator, has the author
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