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The best cure for high oil prices is high oil prices. They are boosting production, while weighing on demand. As a result, crude oil prices may be peaking, which would certainly help to cause overall inflation to peak. Consider the following recent developments:
(1) US petroleum output rose to 19.4mbd during April, with crude oil field production rising to 11.9mbd, natural gas liquids at 5.5mbd, biofuels at 1.1mbd, and processing gain at 1.0mbd (chart below). Weekly data show that crude oil field production rose to 12.1mbd during the June 10 week as the oil rig count continued to rise.
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