In the past, high oil prices have increased the cost competitiveness of low-carbon energy alternatives and made such investments more attractive. Oil and gas prices are now reaching multi-year highs, creating additional momentum by policy makers and environmentalists to further accelerate the pace of transition. Will high oil prices, even for a short duration, help accelerate transition? Will volatility in commodity prices encourage regulators to restrict oil and gas investments? Will high oil prices facilitate faster electrification in the transport sector? Are high commodity prices necessary for this decade to finance the energy transition?