PERMIAN BASIN (KMID/KPEJ) – The Texas Railroad Commission will be making major changes to oil and gas waste management rules, marking the first time in nearly 40 years that the statewide rules have been changed.

Some of these changes include streamlining the statewide rule into existing regulations, concerning environmental protection. Additionally, the RRC will be putting new requirements on waste management facilities, as well as improving the way it tracks data.

Before taking effect, these new rules will be directed by the Commission, as well as public comment.

Taking a look at oil prices, a barrel of crude is at $84.43, according to Bloomberg. This is a big drop from when markets opened nearly $5 higher.

Currently, there are 312 oil rigs in the Permian Basin, which is down 19% from this time last year.

Gas prices, however, are falling very slowly due to the high cost of oil.

Ector County is currently at $3.33 per gallon, while Midland residents are paying $3.38, and Howard County is sitting at $3.62. Andrews County is averaging $3.47 per gallon.