Hakes: Get in Gear for Our Energy Future

Light-emitting diode (LED) technology, for one, is making stunning progress in producing bulbs with high quality, super efficient bulbs. Although market-ready for some applications now, more advances are needed to expand usability. There will be substantial financial rewards to those who lead on LED technology.

Further out on the horizon stands the possibility of getting our transportation fuels from algae. As I describe in my new book, A Declaration of Energy Independence, yields per acre and the ability to produce the full range of gasoline, diesel, and jet fuel make this a very attractive prospect. The federal government shut down its civilian research program on algae in 1998 (what were they possibly thinking?). However, there has been a burst of algae research recently in both the private and public sectors. Much work lies ahead to get algae fuels market ready, but again the potential payoffs are immense. (Don't miss "Biofuel Breakdown: Algae, Biomass, Waste" and "DOE Doles Out Bucks for Biofuel Producers")

The list of technologies that will benefit from our new directions in energy policy is immense. Those who assume that our energy future will end up looking like our energy past will end up missing the boat.

Editor's note: To stay up to date on energy, visit our Energy/Commodities page, which currently features coverage of Exxon Mobil's (XOM Quote) latest earnings. This morning, the oil giant set a new record for highest quarterly earnings from a U.S. company.