The problem extends well beyond crude oil and its derivatives. The price of natural gas has soared, futures for coal delivered to Europe have risen 137% this year, and cash prices for Appalachian coal have more than doubled since last June.
Yet the long-term outlook is more hopeful. The policies we adopt in response to the current price surge can create a more stable energy sector a decade from now. We need something we haven’t had for a long time: a comprehensive energy strategy built on realistic premises about supply, technology and politics.