But the biggest news related to the oil and gas industry that happened during the week was unrelated to the conference. All it really took to make that prediction in December was a basic understanding of the main drivers of the domestic oil and gas industry, and no one understands those drivers better than Harold Hamm. I tossed the word "willing" into that sentence, because one potential limiting authority does exist within the oil and gas regulatory agencies in several of the largest oil producing states. These regulations basically allow the RRC to limit production, either statewide, or from individual wells or fields, on an absolute volumetric or percentage basis. The RRC was still enforcing statewide allowables on natural gas production as recently as the 1990s.

Source: Forbes March 12, 2017 20:50 UTC