The price is the result of supply&demand equilibrium, and not result of electricity wasted.
The price is always the result of supply and demand equilibrium -- but you don't think the cost of production plays into the quantities of a commodity that people are willing to sell for a given price (
supply)?
No. If it was then GPU miners would simply keep mining and sell their coins for $800 per BTC. Miners have almost no pricing power. If difficulty gets too high relative to price then some miners will quit and difficulty will go back down.
Uh...? You don't think the boom in the beginning of the year had anything to do at all with ASICminer and Avalon suddenly controlling almost all of the newly generated BTC supply?