While the possibility exists, the probability is slim.
USA has oil reserves they use to soften price shocks. At 200$/barrel (just a random very high price still much lower than 300) I am certain that many (including OPEC) will consider increasing production and some will consider lowering consumption. I think that market will equalize itself and 300$ won't be reached.

I don't know where you heard the rumor from, but imho it looks more like an attempt to panic people than something with realistic chances to happen.