The U.S. shale industry is burning through cash so fast that even the state of Texas is looking at government rationed production targets. Texas Railroad Commissioner Ryan Sitton laid out his idea in an article for Bloomberg Opinion , proposing the commission institute a 10 percent production cut. It would mark the first time since the 1970s that the Railroad Commission regulated production. Sitton twisted himself into knots in an attempt to characterize OPEC abandoning production cuts as “anti-market” while describing his proposal to require cuts as a return to free market principles. Orwellian as it may seem, some Texas shale drillers welcomed government intervention, including Parsley Energy and Pioneer Natural Resources. Although production curtailments would boost oil prices, it could also destroy whatever shred of interest remains in the sector for investors. It remains to be seen if such an idea moves forward. The fact that the shale […]