Energy & Science
Shale Drillers Warming to a Once-Unthinkable Idea: a Cap on Oil
- Privately-held explorer is shutting oil wells amid demand drop
- Pro-quota camp facing staunch opposition from Big Oil rivals
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Some old-guard Texas oil drillers are urging state regulators to clamp down on crude production to halt a price collapse more severe than any of them have ever lived through.
The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years but a growing chorus of explorers and related industries are advocating just such a move. The Texas Railroad Commission that has overseen the state’s industry for more than a century is scheduled to discuss so-called pro-rationing on April 14.