What is Prorationing?

Governmental attempts to control supply-and-demand. It began with efforts in 1931 by the Texas Railroad Commission to quell "insurrections" that resulted from low prices caused by a vast oil glut. Similar bodies were created in Oklahoma and other oil-producing states by the U.S. Federal government during World War II, and internationally during various oil crises. OPEC had limited success implementing voluntary prorationing in the 1980s.