The Oklahoma Corporation Commission has authority over oil and gas development within the state's borders. Due to
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Question:
The Oklahoma Corporation Commission has authority over oil and gas development within the state's borders. Due to market uncertainty, low rigs counts and unhealthy natural gas prices, the Commission has decided to cap well allowables, telling all operators that wells may only flow at a maximum of 60%.
Discuss the policy reasons behind this type of regulation and briefly discuss the pros and cons of the agency's authority and action in this type of circumstance.
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