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.
Yup, prisoners dilemma style.
In the meantime, you’d really piss off everyone in your country depending how long and how fast you go through reserves. Some regions would obviously fare better or worse than others, but it wouldn’t last that long for almost anyone