Prospects for Energy Reform

by Larry Smith

So here we are, two years after the last oil shock, and prices are over $100 per barrel again, with some forecasters saying they could pass the 2008 high of $147 a barrel that sent everyone scrambling to cut energy costs.

Already we are hearing the usual cries for government relief. And those cries will only get louder as higher prices filter through to gas pumps, electricity meters and store shelves. But in our case, there is very little the government can do beyond providing short-term consumption credits - and that comes at a cost to BEC's solvency.