13Let every person be subjet to the governing authorities, for there is no authority except from God, and the authorities that exist have been established by God. 2Therefore, he who rebels against the authority is rebelling against what God has appointed, and those who do so will bring judgment on themselves. 3For rulers hold no terror for those who do right, but for those who do wrong. Do you want to be free from fear of the one in authority? Then do what is right and he will commend you, 4for he is God’s servant to do you good. But if you do wrong, be afraid, for he does not bear the sword for nothing. He is God’s servant, an agent of wrath to bring punishment on the wrongdoer. 5Therefore, it is necessary to submit to the authorities, not only because of possible punishment but also because of conscience.

—Romans 13:1-5


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Romans 13:1-5 According to my Greek/Hebrew Bible. (This differs slightly from the version posted on your website.)
13 1 Let every soul be subject unto the higher powers. For there is no power but of GOD: the powers that be are ordained of GOD. 2 Whosoever resisteth THE POWER, resisteth the ordinance of GOD: and they that resist shall receive to themselves damnation. 3 For rulers are not a terror to good works, but to the evil. Wilt thou then not be afraid of THE POWER?  do that which is good, and thou shalt have praise of the same: 4 For he is the minister of GOD to thee for good. But if thou do that which is evil, be afraid; for he bearith not the sword in vain: for he is the minister of GOD, a revenger to execute wrath upon him that doeth evil. 5 Wherefore ye must needs be subject, not only for the wrath, but also for conscience sake.
My two cents:
Replace "THE POWER" with the HOLY SPIRIT. I believe that Paul was talking about those who have received the HOLY SPIRIT and are ministering the WORD. Check out: 1 Corinthians 12:1-11: "the gifts of the HOLY SPIRIT" and PSALM 109 1-29: "The prayers to invoke GOD'S WRATH upon the wicked ".
Peter 2:17 Honor all men. Love the brotherhood. Fear GOD. Honor the king.
"king" comes from the Greek word basileuw which closely translates "through the notion of a foundation of power" or "sovereign".

Who is the king? Jesus or man? I believe that this is inconclusive. 
I believe that Paul is establishing order among the new believers to give the uneducated, or otherwise unknowing people, a example to look to. This also gives authority to ministers so that their words and deeds will be backed up. However this is one of the chief ingredients for the catholic church to "rule" over the people. When this message is misinterpreted, a priest, deacon, or pope (Christian's with authority) can make judgments that are not to be questioned, and their judgments become divine. This happens when the HOLY SPIRIT is traded for earthy power... it is earthy power that corrupts.

If you have any criticism about this, I would love to hear it.