The Wall Street Journal (subscription) reports the International Energy Agency is sounding the alarm on the worldwide oil supply, warning the global economic recovery could be at risk if prices for crude oil stay high or go higher:

The governing board called on oil producers to increase their oil output to "help avoid the negative global economic consequences which a further sharp market tightening could cause," the IEA said in a statement. "Additional increases in prices at this stage of the economic cycle risk derailing the global economic recovery and are neither in the interest of producing nor of consuming countries," it said. "Oil-importing developing countries are most likely to be seriously affected by high oil prices, undermining their economic and social well-being."

The Journal article noted the contrasting positions of the IEA and OPEC, which contends the market is adequately supplied. But you know who else is a major oil producer? We are:

1. Russia - 10,120,000 bbl/day

2. Saudi Arabia - 9,764,000 bbl/day

3. United States; - 9,056,000 bbl/day

As Charles Drevna reminds us in The Hill:

America isn't energy poor - we're energy rich, with some of the largest oil and natural gas deposits in the world. Government should let American companies get these resources - in an environmentally sound manner - to supply the American people with the energy they need. No other nation puts restrictions like America's on access to its own oil and natural gas.

Unfortunately, policymakers in Washington are pursuing different paths. The House of Representatives passed legislation to boost drilling in the Gulf of Mexico and off the coasts of Alaska and Virginia. But a Senate majority is focused on increasing taxes on energy producers - which won't do anything to encourage more domestic production.

"Our nation needs to prepare for its energy future with policies that encourage more development of domestic oil and natural gas resources that we know our nation will need in the decades ahead," said API Executive Vice President Marty Durbin earlier this week. "Our industry supports 9.2 million jobs and can make an even greater contribution to economic growth, government revenue and energy security. But it needs to be able to move ahead on development of America's energy resources."