Hell Paul....I go all the way back to Carter when he was ridiculed for making the same suggestion. I can even go back to a time when one particular oil cartel limited production in order to keep prices up. Their goal wasn't to inspire conservation but to just maximize the value of oil. But, it did put pressure on conservation anyway. They effective set the amount (the "allowable") of oil any company could produce. If a company had a well capable of producing 1000 bopd and the allowable was set that month at 30% they could average no more than 300 bopd for that month. If they produced more they would be subject to both civil and criminal charges. This cartel effective controlled the price of oil well into the 1960's.

BTW, the cartel was the Texas Rail Road Commission. They're the state regulator of oil/NG production. And the "allowable" system is still in place and is still the law. Since the development of petropower in the Middle East the allowable in Texas has been set every month at 100%. The TRRC could, in theory, reduce the allowable any time they choose. We’ll hold our breath for that move also.