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Texas Considering Oil And Gas Production Cut

Texas is considering a proposal to cut oil and gas production as prices plummet due to coronavirus. State regulators met Tuesday and heard testimony on whether Texas should force a 20% cut in production as demand for oil dries up. In early January, Texas oil was trading at $63 a barrel. Now, it’s about $21. The majority of the big players in the industry said they prefer to let market forces play out — instead of the government stepping in.