Texas energy regulators are scheduled on Tuesday to hear from dozens of energy executives on an initiative calling for the state to mandate an output cut to stem the sharpest oil price drop in decades.
"The shale revolution would not have begun here in Texas without free market principles," Marathon Oil Corp Chief Executive Lee Tillman wrote in a letter to the commission, which is scheduled to hold its hearing Tuesday morning. "This was my retirement and I will die poor," she wrote in a letter to the commission in favor of the production curbs.
At least two votes on the three-member Texas Railroad Commission are needed to pass the proposal. Ryan Sitton, one of the commissioners, has pushed for evaluating statewide cuts, but Wayne Christian, the commission's current chairman, and Christi Craddick, the other commissioner, have not offered their views. Christian and Craddick have rebuked Sitton for suggesting the board had reached consensus.
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