But perhaps what countries really fear is not so much high prices but a total market breakdown and descent into an autarkic “Mad Max” world in which oil is scarce, no country is willing to allow trade in the oil it produces, and there is no world market clearing price. If such a situation were to occur, ownership of oil assets abroad would most likely become worthless, as each country would only get to use oil produced within its political borders (or within nearby borders that could be invaded).