"Texas regulators released the details of a plan yesterday to cut oil production as other states looked for ways to reduce the impact of the coronavirus pandemic on the energy industry.
The Texas Railroad Commission, which regulates the state's oil and gas production, is scheduled to consider the production cuts Tuesday. The state is proposing to cut its oil production by 20%, according to an online agenda, but only after other state or national governments commit to making "complementary" reductions in addition to the oil cuts that have already been announced by the Organization of the Petroleum Exporting Countries.
The statewide curtailment, known as prorationing, would last until other governments stop curtailing their output or until oil demand increases to roughly 85% of its level before the virus struck, according to the plan.
There's no guarantee it will pass, because only one of the three elected commissioners has publicly endorsed the idea. Texas hasn't used prorationing to control oil production since 1973."
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