Global Energy Markets: A Dangerous Illusion?

ndividual countries are handling high energy prices in different ways. Some countries are subsidizing the cost of gas and oil prices and have been for quite some time. Others have been passing all the price increases on to consumers. The Washington Post article “High Oil Prices Met with Anger Worldwide” talks about the illusion of a coherent global energy market place.

The current energy situation is a disaster waiting to happen and local leaders should take action. The gas and oil prices are supposed to be set globally and uniformly. After Hurricane Katrina, there were no uniform prices throughout the US. There wasn’t even a uniform price in the greater Washington DC area. The effects of energy speculation were even more glaring than normal.

Local leaders should look for ways to foster energy policy ownership at the local level. Groups like the local “homeowner’s association” can use the peer-to-peer relationships of neighbors to create a localized energy policy. All technology adoption is local and the best solutions to global problems are often local solutions. Creating a local culture of self-sufficient energy ownership is the best way to handle the emerging energy crisis.