Extraction operates on supply and demand. When people stop demanding it, they'll stop digging it out of the ground.
There are two ways to achieve this: 1) You make burning it more expensive (carbon tax). 2) You make alternatives to burning it cheaper.
You can do both at once. In fact you want to, because the first one gives the second one economies of scale and the second one reduces the economic impact of the first one.
Preventing extraction is pointless because it has the same effect as the first one except that instead of the money being collected as a tax that could be refunded to the population as a tax credit, it goes to the people who are still doing the remaining extraction. We could, however, stop subsidizing extraction.
Yes, but it might raise oil prices, effectively making the carbon tax apply globally. Unless OPEC just compensates by increasing production. IMHO carbon tax indeed better tool for EU/US, given that most of oil production out of "our" control
that statement upon examination does not pass scrutiny for weaslewords
Which major countries could already do through tariffs on any country not collecting it, without giving the money to OPEC.
A market that relies solely on prices as an incentive is unlikely to be the right tool for what's at stake. What would be the price of the natural habitat of the last wild elephants? A billion dollars? Let's hope Elon doesn't feel like building a gigafactory right there.