It’s time once again for our Annual Year In Review interviews! Last April 2020, Bruce Bullock, Maguire Energy Institute at SMU Cox School of Business comments on the historic Texas Railroad Commission meeting regarding the reduction of oil production.
“You are absolutely spot-on with that comment and that was the biggest objection. It was a philosophical one of a governmental body injecting themselves into a free-market. No question about it and the folks pointed out that up until about 1970 that’s how the state ran the business.
And all by the way that’s how the oil industry was built, but since that time in the 50 years that haven’t seen it’s been it has not been that way in Texas. But no question that that sentiment still holds and it’s one of those things where there are probably some producers around there, and I suspect my email box will be full in the morning, when I say this, but there those that are opposed philosophically to this kind of thing but if the Railroad Commission went ahead and did it they probably wouldn’t be that opposed in practice.”
Observations from the meeting ranged from environmental angles to OPEC to more value to mineral owners. Texas bravado and their power is also discussed in the interview.
Bullock mentioned a comment made from Texas Railroad Commission Christi Craddick about being in unknown territory and each decision and indecision could have major impacts on the global energy market.
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