But this is not 2000. The reason is simple.
Technology is not behind today's economic growth -- it's energy.
Sure, the new world of cloud-and-devices is cool, but it's built on something that was really new in the 1990s called the Internet. The economic value of the Internet was minimal in 1990. By the end of the decade it had transformed the world.Today's economic transformation is based on fracking and renewable energy, starting with the most cost-effective renewable, efficiency. When a barrel of oil is produced in the U.S. rather than Saudi Arabia it has two economic impacts. It means $100 is going into the pockets of U.S. landowners, oil workers and oil companies. It means $100 is not leaving the country to go overseas. Add in the value of refining that oil and exporting the finished product, the impact becomes larger still. At $4.50/mcf U.S. natural gas today is in a state of glut. Oilmen in North Dakota and Texas find it more profitable to burn up to one-third of the gas they're producing at the wellhead, rather than wait for someone to build a pipeline that will send it to market, build a fertilizer plant nearby, or even condition that gas for use in the oil driller's own fleet. Higher gas prices will make this additional economic activity profitable. The construction of liquified natural gas (LNG) terminals like those of Cheniere Energy (LNG) will help drive prices higher after 2015. The result will be even-more production, and even-more profit, for America's gas drillers. You can see the result by driving along I-10 in Houston. Cranes are as busy there today as they were when I went to college at Rice, in the 1970s. Texas politicians may rail against the current Democratic President Obama but he's making them rich -- just as when they railed against another Democratic president, Jimmy Carter, back then. When it comes to renewables, most of the headlines are about solar and wind energy. About 4 GWatts of wind and solar power were added to the U.S. grid last year, against 6.8 GWatts of natural gas power.