Texas announces date of oil regulation hearings

US, WASHINGTON (ORDO NEWS) — An open hearing on the regulation of oil production in Texas is scheduled for April 14, said Texas Railroad Commission Commissioner (Texas Railroad Commission, governs the state’s oil industry).

“We only received a request from mining companies on Monday to organize a market assessment meeting to discuss the proportional distribution of production … Now we focus on April 14,” he said.

“On April 14th, an open meeting will be held, at which we will hear opinions, feedback from everyone. There will be oil producers … economists, scientists, statisticians,” continued Sitton.

He noted that the meeting participants will try to discuss the mechanisms of possible regulation of production in Texas, as well as determine how it can be used “to start an international movement to stabilize the oil market.”

Texas oil companies were asked to hold official hearings on state regulation on Monday. Earlier, companies turned to an authorized regulator with the idea for the first time in almost 50 years to return to a proportional distribution of production.

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