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Chancellor Alistair Darling has warned that production of oil in the UK needs to increase.
Speaking on BBC Radio 4's Today programme, he blamed high oil prices for rising inflation.
He said: "Oil was yesterday over $140 (£70) a barrel. When you consider that a year ago it was half that, this is a real problem for us … we have got to ensure … that we can increase production of oil in the short term."
The chancellor was joined by US Treasury secretary Henry Paulson, who said that soaring oil and food prices were fuelling inflation around the world.
Home heating oil customers could be hit hard as costs continue to rise, with crude oil reaching another record high of nearly $146 a barrel today.
The situation has prompted a surge in fuel thefts across the country, while hundreds of lorry drivers yesterday brought parts of London to a standstill as they converged on the capital to protest over prices.
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