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PS - Texas Railroad Commission passes on prorationing - May 2020
The Texas Railroad Commission seriously considered a proposal to reduce the supply of crude being extracted in the state as the industry faces unprecedented oversupply amid falling demand. After considering information put forward by the Blue Ribbon Task Force, prorationing was defeated in a 2-1 vote on May 5. The proposal outlined a 20% reduction, which would have amounted to about 1 MMbo/d. Small operators that produce less than 1,000 bo/d would have been......
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