Texas Regulator: Oil Cut Proposal Crushed Under Opposition
Monday,May 04,2020
Texas Railroad Commissioner Ryan Sitton has said that the state's proposed plan to enact mandatory oil output cuts will not come to fuition, according to a report by Bloomberg.
In a Bloomberg TV interview, Sitton stated that the support needed to pass the cuts will not get the support it requires from the other two agency officials.
Chairman Wayne Christian and Commissioner Christi Craddick both voiced opposition to the plan, effectively killing it altogether.
A vote on the matter was scheduled for Tuesday May 5, 2020. It is unclear if the vote will proceed or be cancelled in light of the developments.
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