In an incredible show of strength and leadership from the 3rd largest oil producing country in the world, facing the probability of sub $20 oil prices for the next two years, the Texas Railroad Commission decided today to defer a decision on proration until next month. It says it's afraid of law suits and needs more time.
Between now and the time the Commission meets again, to defer again, we expect oil prices of be hoovering just about zero. Again. To alleviate storage concerns, however, the Railroad Commission today amended Statewide Rule 8 to allow shale oil operators to produce into open pits.
In jubilation over the Commission's decision, President Trump tweeted Way to Go, Texas!! a few seconds ago and has announced that the EPA and US Fish and Wildlife Service will waive any and all current regulations regarding protective netting over these earthen pits. "Screw the damn birds, we need the oil," said the President.