For The First Time Since The 1970s, Texas Is Considering Curtailing Oil Production | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

For The First Time Since The 1970s, Texas Is Considering Curtailing Oil Production

Following the 2014 Thanksgiving massacre, Saudi Arabia effectively broke up OPEC to try to kill the US shale sector by overproducing oil and sending its price plunging. It failed largely thanks to the extreme generosity of "yield-starved" junk bond buyers.

Six years later, and another, far more harrowing price water later which dragged the price of oil to nearly two decade lows, Saudi Arabia appears to have finally won.

Texas regulators are considering curtailing oil production in America’s largest oil-producing state, "something they haven’t done in decades", the WSJ reports citing sources. Additionally, the report goes on to note that several oil executives have reached out to members of the Texas Railroad Commission, which regulates the industry, requesting relief following an oil-price crash which soared the most on record on Tuesday and closed around $25, still 17% down on the week. In other words, oil is joining every other US industry (including movie theaters) in seeking a bailout.

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