Time to do something about oil

It is quite certain that the interest rate weapon, if used with sufficient vigor, would quell oil prices, but it's not entirely clear whether a single rise to 5.25% would do it. However, draconian rate rises beyond 5.25% to quell oil price rises would be deeply unpopular and would cause further catastrophe in the US housing market. Since invasion is presumably off the table, the political classes may thus attempt to impose other remedies for high oil prices, all of which would be either counterproductive, disastrous or both.