The government encouraging investment in producing new supplies (either through state-owned firms, or oil investment incentives like what the UK gov't is trying

The government encouraging investment in producing new supplies (either through state-owned firms, or oil investment incentives like what the UK gov't is trying to do) probably is a good thing to do, independently of interest rates. Those targeted policies seem like the right thing to do versus super low interest rates, which sometimes fuel speculative bubbles. Agree that prices will eventually stabilize even if the Fed doesn't tighten (as long as they don't keep expanding). The government only printed so much money, so that when nominal GDP grows it'll have to hit a ceiling.