The Texas Railroad Commission is nowhere near making a decision about proposed oil production cuts in the state, but over 55 energy executives have given testimonies about which direction they should take, reports The Texas Tribune.
Many are calling for production caps, saying that it is time for more industry oversight after years of reckless borrowing and spending. Others argue that regulators ought to stay out of it, allowing the free-market to convince companies to reduce production.
Some have suggested that the Texas Railroad Commission collaborate with oil-producing states like Oklahoma to negotiate production cuts.