But, regardless, is there a silver lining in that higher prices will reduce consumption and save the environment? This prospect seems unlikely. Odds are total consumption will continue to increase when already it needs to be drastically reduced. This seems to be case even factoring in general adoption of "green" technologies such as compact florescents. While the increased energy efficiency of these technologies may help mitigate some of the costs of the manufactured "energy crisis", they will probably do little to reduce sum global destructive energy generation and fossil fuel consumption. For one thing, a huge percentage comes from manufacturing--exactly how much is unclear as this topic is politely ignored by virtually all articulate environmental activist--but it is useless to tell preach asceticism since most of our jobs are dependent directly or indirectly on the production of consumer products; to remedy the problem our whole economy has to be rebuilt. Furthermore, it is conceivably that technologies, such as LCD monitors, that are more efficient in operation are more costly to the environment to manufacture--this is the case with lithium ion batteries, e.g.*
Finally, we must consider the cost will pay, especially the poor, for higher energy prices. Higher energy prices will mean that absolutely everything will become more expensive, not just fuel and electricity since virtually all industry requires energy. Ultimately, oil prices will be reflected as much in the price of bananas a they are at the pump.
The problem is that no one is prepared to undertake the work required to actually change things; rather we disparately seek sort-term workarounds at the expense of societies most vulnerable.
*Not to mention nuclear energy!