> more incentive to look for other alternatives.

Which are still oil, just from elsewhere. The Saudis are quite happy to sell you as much oil as you want.

> limiting the supply is one way to do it by not extracting it in the first place.

I covered that - all that would happen is people would get the oil from elsewhere.

You can only induce people to pump less oil by increasing supply of other forms of energy, or by reducing demand.

If you are going to pump oil at least do it where people actually care about the environment - don't make things so hard you just push production to places with less oversight.

This only works if you're confident you can force every nation on earth to stop or slow down extraction from their oil reserves. Let me assure you, the resultant wars would be far more damaging to the environment than otherwise.