This will drive up price of oil for everyone which is the most effective way to accelerate the adoption of renewables.
The world spends 6-9bn USD per day on oil (100m barrels at 60-90 USD), maybe we start with spending 1bn per day.
Edit: Fixed calculation.
That doesn't mean that a) we should extract all of it, and b) we won't find more of it.
The problem is that driving up the price of oil for everyone significantly (so much that there would be a meaningful reduction in usage, not just a slight decrease) is politically unacceptable. Looking at historical gas crises, even literally doubling the price of gas probably would not cause sufficient reduction in driving; but a government intentionally doubling the price of gas to reduce driving would not get popular support, it get voted out for daring to impose such punitive measures.
You are also right that raising prices was very unpopular in the past. But some things need to be done to curb fossil fuel use and support alternatives. High oil prices are the most effective way.
In that regard, if we're looking at how to motivate change to actually happen, it is appropriate to look at the incentives that would/wouldn't make sense from the national perspective - because otherwise it's just empty PR and wishful thinking, proposals that have no chance to get implemented. And, to put it explicitly, climate change is not currently overriding most other aspects of national interests, far from it, it's not (yet?) the #1 or even #3 concern in most countries elections or unelected leader motivations.
What about burying it in the ground?