What would happen if oil went to $300 a barrel?

If oil went to 300 dollars a barrel, about three to four times current price, catastrophic economic consequences would occur. Gasoline would rise to 9 to 12 dollars per gallon in US, 15 dollars in Europe, making driving unaffordable for many, inflation would skyrocket as oil is input for transport, plastics, chemicals, food, and heating. Cost of shipping goods would triple, airline tickets would double or triple, many airlines and trucking companies would go bankrupt. Global economy would likely enter severe recession or depression, as consumers cut spending and businesses close. Governments would release strategic reserves, impose price caps, rationing, and subsidies, and accelerate shift to electric vehicles and public transport. Oil producing countries like Saudi Arabia and Russia would gain huge revenues, while oil importing developing countries would face balance of payments crisis. Central banks would face dilemma of high inflation versus recession. Social unrest could occur due to high fuel prices, as seen in past. Long term, 300 dollar oil would accelerate energy transition away from oil. So 300 dollar oil would cause severe global recession, hyperinflation in energy, and major economic disruption.