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A commenter in a Federal Reserve Bank of Dallas energy survey wrote: “What was once the world’s most dynamic energy engine has been gutted by political hostility and economic ignorance.”

The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.

The bill marks a sharp shift from years of regulatory scrutiny by the state’s lawmakers toward its oil and gas industry and decades of declining in-state crude production.

Restrictions would impose a setback to Sable Offshore and its controversial project off the coast of Santa Barbara County.

A flurry of bets on Brent crude falling below $60 a barrel this year changed hands recently, a sign investors are hedging against the risk of another large production hike from OPEC and its allies.

The majority of the oil giant’s job cuts, which are in the range of 20% to 25% of its roughly 13,000-strong workforce, will occur this year, the company said in an email Sept. 3.

The extra barrels have so far only put modest downward pressure on crude prices, but threaten to unleash a major surplus in the coming months, according to the International Energy Agency.

Houston-based Pinch is seeking to expand its flatbed less-than-truckload and truckload operations for oil and natural gas exploration and service companies with the deal.

President Donald Trump announced plans earlier this month to double tariffs on Indian goods from 25% to 50% over its purchases of Russian oil.

Shipments are expected to surpass 4 million barrels a day in August and September, reaching levels not seen since the start of the year, according to some market participants.