from Zero Hedge
Authored by Josh Siegel and Abby Smith, from the Washington Examiner
TEXAS DEBATES PRODUCTION CUTS: Texas can lead in producing a “real” U.S. oil production cut to save the shale industry, Scott Sheffield, CEO of Pioneer Natural Resources, argued Tuesday in calling for the state to take action to force companies to hold back their production for the first time since 1973.
Sheffield opened all-day testimony before the Texas Railroad Commission, which is considering imposing “pro-rationing” on oil companies in the largest-producing state. The measure would require drillers to reduce their production by certain percentages until it no longer exceeds market demand.