Tomlinson: Property tax cuts rely on a Saudi dictator

Texas Railroad Commission, which regulates the state's oil and gas industry, helped stabilize oil prices

As the world’s largest producer, Saudi Arabia has been the de facto OPEC leader. But the cartel’s power has waned as a brash Saudi crown prince assumed control, Texas emerged again as an oil exporter and Russia invaded Ukraine. Last year, when wealthy countries began economically isolating Russia, traders drove prices up to $120 a barrel amid fear of losing 10 percent of world supply. But the United States and the European Union instead put a price cap on Russian oil to limit profits. Russia kept exporting, and the price cap drove down prices.

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