I note the FT has reported:
Energy ministers of advanced nations expressed "serious concerns" about soaring oil prices and urged producers to lift production through greater investment and provide more transparency on oil supply data.
Oil prices are high because of speculation, not because of any significant change in the oil supply situation.
The answer is not to increase oil flows, with all the harm that will follow to the environment. The answer is to limit the massive and damaging impact of speculative markets.
We see this time and again. Why don't we learn the lesson?