Hopefully, it hits effective zero, and people start buying EVs.
As a bonus, maybe the military will stop wasting gasoline to murder civilians, since we’ve already established they value oil over absolutely everything else, including human life.
I get your point and it's clear that sticks seem to be more effective than carrots, but our supply chains are not electrified and that will take time, in the meantime this pain will propagate widely.
True, but oil is a mostly inelastic commodity (consumers can’t really respond to price changes quickly, and neither can producers).
So, if passenger demand halved overnight, prices for long-haul transport would implode. Even with the straits closed, tanks in the supply line would start to hit capacity, and spot prices could even go negative again.
EVs are just as toxic due to mining techniques used at the moment, and with no effective way to recycle batteries even if they last longer than expected they aren't really a way forward completely, and baseload electricity still relies on oil and natural gas since most countries have for some reason pushed away from Nuclear as a long term non-renewable (it IS technically not renewable).
As a bonus, maybe the military will stop wasting gasoline to murder civilians, since we’ve already established they value oil over absolutely everything else, including human life.