> Reducing money supply will reduce the amount of money available to spend on oil, gas, and fertilizer, thus reducing the demand of those things to match the lowered supply.

People and businesses need to buy gas and oil. It is not discretionary spending. They also need to buy food, and food prices are not higher because of the money supply, nor because people are buying more food, they are higher because oil prices are higher.

Also, all that lowered spending you cited will mean closed businesses and economic collapse. Say goodbye to AI as well.

You cannot control inflation caused by a supply shock by rising interest rates.