Higher prices mean that demand has been growing faster than supply.
But that's not the cause of our higher prices. Listen, I can't keep arguing this. Do me a big favor and just read the first 3 paragraphs here:
http://useconomy.about.com/od/commoditiesmarketfaq/p/high_oi...
As a consequence, suppliers now want to supply more and consumers want to consume less.
Suppliers want to supply more. So, if you're some Saudi Arabian sheik witnessing these astronomical oil prices you really want increase oil production and supply more? What will that do to oil prices? Think about what you're saying.