14 Apr
by Vitaliy Dadalyan
Texas energy regulators on Tuesday morning started to hear from dozens of energy executives on an initiative calling for the state to mandate an output cut to stem the sharpest oil price drop in decades. Oil and gas companies are gushing red ink and cutting tens of thousands of workers as oil prices have crashed to about $22 a barrel from $61 in January. On Monday, Texas refiner Valero Energy Corp forecast a first-quarter loss of up to $2.1 billion on falling demand.
