The Railroad Commission, overseer of the Texas oil universe, will meet virtually this morning to discuss the pros and cons of prorating oil prices and restricting oil production.
According to the meeting agenda, this is in response to a verified complaint of Pioneer Natural Resources U.S.A. Inc. and Parsley Energy Inc. to determine reasonable market demand for oil in the state of Texas.
147 comments were submitted laying out reasons for and against the pro rata. Devon Energy, who was influential in the rise of the current Fisher County oil boom, has come out against it. There is a great divide. It seems some environmentalists are misconstruing the purpose of the meeting to encourage disassembly of the oil industry altogether.
A list of comments can be found here.
The meeting can be viewed live or later here.
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