The natural-gas price decline brought it back only to year-ago levels. Electricity hasn't fallen by as much, even though the price of coal, which powers generators, has plunged. In any event, BGE and other utilities have already locked up megawatt supplies for next year, so the dip won't help households anytime soon.
Still, there is reason to believe energy will stay less expensive than forecasters believed only a few months ago. It's not just the weak global economy, which reduced demand. The bubble spurred exploration and summoned new supplies, just as the 1970s boom did.
A stimulus bill should include substantial tax incentives for building retrofits and energy research as well as measures to promote solar and wind energy and upgrade the rickety electrical grid. A rescue for automakers needs to set strict mileage standards and commit companies to hybrids and electric cars.
Ultimately, though, the key to avoiding a dirty-energy relapse is to set a proper price on the carbon dioxide spiraling up from our houses, cars and businesses.
Obama (as well as rival Sen. John McCain) pledged to pass a "cap-and-trade" program compelling business to cut carbon emissions or buy credits from those who have. Much of the developed world is already on this course. Maryland and a consortium of Northeastern states auctioned their first carbon emissions permits in September.
Cap-and-trade systems or a carbon tax will make energy more expensive than it would have been otherwise. But doing nothing will eventually be even more expensive.
A properly managed energy future will include solar panels, windmills and hydrogen cars. But as the Martinezes have shown with their 40-year-old house, enormous gains can be made with low-tech modifications available to everybody.
In July 2006, before the changes, they burned 2,237 kilowatt-hours of juice. In July 2008 - remember how hot it was? - they used only 1,547 kilowatt-hours, or 31 percent less. Martinez hasn't calculated how long it will take to recoup his investment, although it will certainly take years. He doesn't plan to move, so he has time.
At any rate, lower energy prices aren't changing his style. The family recently bought an extra-efficient washer and matching dryer. They see a hydrogen car in their future.
Now that fossil energy is cheap again, it's more important than ever to make sure we get off the stuff for good.
