• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours Solving The Space Problem For America’s Solar Industry
  • 4 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 2 days Investment in renewables tanking
  • 3 days If hydrogen is the answer, you're asking the wrong question
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 3 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
Copper Prices Trounced By Falling Demand

Copper Prices Trounced By Falling Demand

Copper prices touched a six-month…

The Commodity Price Bubble Has Finally Burst

The Commodity Price Bubble Has Finally Burst

The epic commodity bull run…

Election 2020: Climate Change Won’t Be Part Of Texas Oil Regulator’s Agenda

In a sweeping victory for America’s oil and gas industry, Republican businessman James “Jim” Wright comfortably won a seat on Texas’ energy regulator with 53% of the vote.

Wright’s challenger, energy lawyer Chrysta Castaneda (D), took in 43% of the vote. Castaneda had vowed to put climate change on the agency of the Texas Railroad Commission, but Texas voters weren’t interested.

Instead, the voters, which also threw their support behind President Donald Trump, favored the industry that largely support’s the state’s finances with the 4.7 million barrels of oil produced every day.

Another of Castaneda’s promises was to end flaring and venting—a mainstay of the oil industry, particularly when natural gas prices are low. Natural gas is the necessary by-product of oil production, and when takeaway capacity for natural gas is constrained or prices for nat gas run negative, few—if any—good choices exist. 

In contrast, Wright promised to increase oil production in the state and to find additional markets for the excess natural gas that comes with that production.

According to the Texas Oil & Gas Association, the oil and gas industry in Texas contributed $16 billion in state and local taxes and state royalties in fiscal 2019. Since 2007, the total paid has been near $150 billion.

Texas is home to the most prolific shale basin in the United States, the Permian Basin.

Texas has hemorrhaged thousands of oil and gas jobs this year during the price crash, which likely contributed to the voters’ preference to protect its oil-derived revenue streams during this election cycle.


By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News