AUSTIN, Texas (Big 2/Fox 24) – The Texas Railroad Commission will meet again this morning to discuss the possibility of limiting production.
Commissioners have discussed the plan to cut production in Texas with a number of producers throughout the state as crude plummeted to record lows.
However, it seems unlikely that prorationing will occur as Chairman Wayne Christian opposed the idea in an op-ed with the Houston Chronicle.
Commissioner Ryan Sitton also noted that any deal to limit production is likely gone now.
“I think proration is dead now,” Sitton told Bloomberg TV.
After hitting historic lows, crude oil has rebounded and has seen five straight days of gains. Currently, the West Texas Intermediate sits just over $24.
The meeting of the RRC will begin at 9:30 a.m.