The American Petroleum Institute (API) has urged the Texas Railroad Commission (RRC) to avoid intervening in oil markets. “U.S. producers in Texas and across the country have already reduced production to align with market conditions and a historic drop in demand without a government mandate,” API President and CEO Mike Sommers said in an organization statement. “A Texas quota system imitating OPEC is not the answer to the challenges facing the industry and would only penalize the most efficient producers and create long-term negative consequences for American energy leadership,” he added. “The natural gas and oil industry in Texas will be critical to the nation’s economic recovery and allowing market forces to work will ensure producers in the state can provide the energy Americans needs once the coronavirus is behind us,” Sommers continued. API Chief Economist Dean Foreman stated that a Texas proration “appears unlikely to improve market conditions […]