slide this under your radar
The Texas Railroad Commission removed production rationing in 1972. That news was the first overt signal that the U.S. had no remaining unused production capacity. However, there was little or no publicity until the decline became pronounced.
Snatched from today's headlines, The End of The Oil Standard
"Few commentators have recognized the significance of OPEC's January 30 (2005) decision to temporarily suspend their price band mechanism. If the suspension is indeed temporary, it may not be that important."