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Illustration: Sarah Grillo/Axios

Texas energy regulators will decide on Tuesday whether to mandate oil production cuts in the state.

Why it matters: Demand for oil has crashed as the pandemic-hit world locks down. That dynamic is already forcing some U.S. producers to cut back. The Texas measure, if passed, would force any stragglers to do likewise.

By the numbers: Texas is the largest oil-producing state in the U.S. It pumps out 5.3 million barrels of oil per day.

  • The proposal calls for a 20% cut, or about 1 million fewer barrels. Companies that produce fewer than 1,000 barrels per day would be exempt.

Where it stands: Two of three Texas Railroad Commission members need to vote in favor of the rule for it to pass.

  • The commissioner who proposed the measure will vote for it. Another, who prefers a free-market approach and says the proposal wouldn't make a dent in global oil supply anyway, will vote against it.
  • The third commissioner hasn't weighed in but has raised legal questions about the measure.
  • Big oil companies mostly hate the proposal. Independent players like Pioneer Natural Resources have called on the state to curb production.

Go deeper: Coronavirus drives crude oil owners to hunt around for alternative storage

Go deeper

Ben Geman, author of Generate
Aug 5, 2020 - Energy & Environment

Shale's struggles will persist despite a rise in oil prices

Illustration: Sarah Grillo/Axios

WTI, the benchmark U.S. oil future, traded Wednesday morning at its highest since early March — highlighting how the worst of shale's crisis is seemingly over, though more bankruptcies likely lie ahead.

Why it matters: Its price at the time — $43 — is still too low for many producers to do well, though it varies from company to company.

28 mins ago - Health

WHO: AstraZeneca vaccine must be evaluated on "more than a press release"

A medical syringe and vial with fake coronavirus vaccine in front of the World Health Organization (WHO) logo. Photo Illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Top scientists at the World Health Organization on Friday called for more detailed information on a coronavirus vaccine developed by AstraZeneca and the University of Oxford.

Why it matters: Oxford and AstraZeneca have said the vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses. AstraZeneca has since acknowledged that the smaller dose received by some participants was the result of an error by a contractor, per the New York Times.

Court rejects Trump campaign's appeal in Pennsylvania case

Photo: Sarah Silbiger for The Washington Post via Getty Images

A federal appeals court on Friday unanimously rejected the Trump campaign's emergency appeal seeking to file a new lawsuit against Pennsylvania's election results, writing in a blistering ruling that the campaign's "claims have no merit."

Why it matters: It's another devastating blow to President Trump's sinking efforts to overturn the results of the election. Pennsylvania, which President-elect Joe Biden won by more than 80,000 votes, certified its results last week and is expected to award 20 electoral votes to Biden on Dec. 12.

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