Omfg, that's wrong. Live longer you energy hogs! But kinda true...
Did the professor include the decrease in health care costs associated... wait, read the blog, and it would make sense that the dollar cost is high while the energy cost is low. Of course, the notion of funneling profits to a small minority brings up the disparity in resource availability, which definitely leads to inefficiency. I suppose the answer to all this modeling is to figure out what's best for each individual, since that's pretty easy to determine. Ride your bike down to the corner store, and to work if you can. Build a velomobile EV if you can, reduce consumption if you can, etc...