With rising oil prices, if countries decided to curtail their consumption - akin to a directed economy - to reduce purchases to a minimum and even refusing to buy above a certain value, what could that cause?
The first reaction I’d expect would be production cuts to hold the prices but, technically, those are already happening. Demand is just not following.
Well, plenty of countries are electrifying and going all in on renewable energy to not have to purchase so much oil. The easiest thing to do is solar + batteries (both in microgrid and grid) and electric transport incentives