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.
To quote Jimmy Hoffa, (who will certainly show up alive and well any day now): “If you have it, a truck brought it”
…and trucks need fuel.
In other words, anything have, that was not made from scratch by you or your neighbor, had oil as an input somewhere in the supply chain.
Now, imagine that people are no l9nger able to get what they need/want. That’s how regicide was invented.