As Big Gas Facility Rises in Praha, State Debate Rages on Industry Limits

The presidents of two Texas oil companies asked state regulators this week to consider limiting oil production in the state as global demand continues to slip amid the coronavirus pandemic.

Scott D. Sheffield, president of Pioneer Natural Resources, and Matt Gallagher, president of Parsley Energy, said limiting oil production in Texas “would be a responsible measure in the public interest.”

Many landowners in Fayette County collect royalties from oil and gas production on their land, and they are seeing those royalties dwindle. The price of oil has fallen from over $60 a barrel in January to less than $20 a barrel last week. That’s a far cry from the days of nearly $100 a barrel oil during the first part of the last decade.

To read more please log in or subscribe to the digital edition. http://etypeservices.com/Fayette%20County%20RecordID96/