Do Black Holes Produce Phantom Energy?

We conjecture that black holes, whether accreting matter or not, can also lose mass to phantom energy production. Such a process can be made plausible in theories that allow for non-local connections between short and long wavelength modes. If true, observational data should show an exchange of energy from matter to phantom at some cosmic epoch, and we discuss a simple model. Some remarks on an appropriate quantum gravity theory and related issues are also presented.