Texas regulators are weighing a reduction in the production of oil for the first since the 1970s, The Wall Street Journal reported Thursday.
The decision could come as demand for oil across the globe has dropped significantly, with people staying home and implementing social distancing practices in hopes of avoiding the spread of the new coronavirus. The Texas Railroad Commission, which regulates the oil and gas industry, has heard from several oil executives requesting relief from the oil-price plunge, the Journal reported.
Commissioners didn’t immediately respond to request for comment from The Texas Tribune on Thursday.
Oil prices have plummeted as the coronavirus crisis deepens.