April 24, James Coleman, Energy Law Professor at Dedman School of Law, SMU Dallas, for a piece calling on Texas authorities to slow production of Oil & Gas. Published in the Austin-American Statesman: https://bit.ly/2zpNepT
On Monday, the U.S. price for a barrel of oil delivered in May fell to negative $37.63. Companies with oil had to pay almost $40 per barrel to find a company willing to take it off their hands. At the same time, barrels of oil in the rest of the world still traded for $20 to $30 per barrel. And barrels of U.S. oil delivered in June through October were also worth $20 to $30.
In recent years, it has become more and more common to see negative oil and gas prices for stretches of time. North American companies are struggling to keep up with the historic oil boom, unable to find enough storage and pipelines to save and transport oil and gas to when and where it is needed. In these extraordinary times, Texas and the other producing states should band together to carefully slow production. . .
Continue reading “Texas should slow production to stop oil and gas waste”