Any serious study on the history of global oil supply and pricing will reveal that there has ALWAYS been a boom and bust cycle ever since Edwin Drake drilled the first well.
The Texas Oil Boom of the early 20th century took prices down to $0.03/bbl at one point.
http://www.texasalmanac.com/topics/business/oil-and-texas-cultural-history
In my lifetime, the post WWII development of Middle East oil fields kept prices low until they copied the Texas Railroad Commission model and created OPEC.
You may as well try to repeal the law of gravity rather than the laws of economics.
Yes, the oil market is volatile but self-corrects beautifully.
We hit $35 a barrel in 2009, when shale production was much more expensive than it is today.
Also, no one has mentioned what always happens when energy gets cheap.
People start using a hell of lot more of it, leading to guess what.