Texas oil producers remain split over whether state regulators should officially cut production. The three members of the Texas Railroad Commission spoke with dozens of oil executives and analysts last Tuesday about whether they should make the move, which hasn't been done since the 1970's. Oil prices have not barely moved, even though Saudi Arabia and Russia agreed last week to cut nearly 10 million barrels per day.
Commission Chairman Wayne Christian spoke in a TV interview with CNBC about possible solutions to the global drop in demand.
“So to really be effective a lot of testimony said we need the cooperation of other states,” Christian said. “So we need to act as an entire nation on this if we are going to act economically against forces worldwide.”
Christian says he thinks the commissioners need to do something, it's just a matter of determining what steps. No timeline is set on when they could make a decision.