Texas Oil Quotas ‘Dead,’ Says Regulator Who Touted Them
- Ryan Sitton says commission not ready to vote on mandated cuts
- Parsley, Pioneer were among companies advocating for quotas
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A lame-duck Texas regulator who proposed mandatory oil-output cuts said the effort is “dead” a day before the biggest U.S. crude-producing state was set to vote on the measure.
Texas Railroad Commissioner Ryan Sitton said in an interview on Bloomberg TV that the three-member agency wasn’t prepared to vote on curtailing supplies in a process known as “pro-rationing.” His comments likely mark the end of a month-and-a-half-long saga that divided the shale industry over whether regulators should adopt OPEC-style production caps amid a historic collapse in crude prices.