Is the oil crisis for real?

The debate for the past few days has been the catastrophic wrath dealt by the rising oil prices on the global economy, which by the presents forecasts will grow at 2.5% a substantial departure of 100 basis points from the previous forecasts of 3.5%. While there is a divided opinion on the real culprit for the price rise .i.e. unsolicited speculation and demand-supply imbalance, no positive groundbreaking measures have been taken to address the same. The president of OPEC, Chakib Khelil recently said that there is a surplus production of 2 Mbpd after the global consumption of 85Mbpd and flagrant speculation and illlicit cartels is responsible for the astronomical crude oil prices. If that is the reason for oil price hike then an increase in the production of oil by the OPEC countries will basically be ineffective to address the global crude prices, what phenomenally will scale down the speculation is delinking of crude prices to dollars which as of now has eluded the global media. US, on the other hand is smuugly blaming the third world countries for excessive consumption resulting in demand-supply disequilibrium, seemingly ignorant to the fact that it is the largest fuel consumer across the globe. What is preposterous is the fact that a large chunk of the arable land has been put to bio-fuel production and stern rules for oil exploration on these lands, fuelling inflationary juggernaut rolling down on poor countries with diminishing foreign exchange, an inevitable cushion to sustain the current global crisis.
While I am impervious to the global economic and financial (crashing markets) turmoil will get my bike refuelled to half its capacity because some thinktank in US has suggested that this action on my part will initiate a chain reaction eventually easing the global crude oil price.

I am just hoping that happens soon.