This is Volume 18, Number 50 of the newsletter I have written weekly since March, 1997. This is the last time, however, that I will use the Clue meme as part of my weekly column. Starting next week, and going forward, we'll go straight to the column. Enjoy.
Not only are we getting stagflation instead of Depression, but we’re also finding ourselves, again, in a decade defined by energy. But while the 1970s were a decade of energy scarcity, this will become a decade of energy abundance.
Republicans want to credit fracking with all that has happened in our time. That technology has had an impact much like Obama’s Stimulus – it has accelerated changes already taking place. First natural gas went into glut, and this year oil went into glut.
Whether the glut is temporary or permanent, it’s permanent. Because the glut is giving alternative energy sources time and space to grow in. It’s also providing incentives for solar and wind to keep costs down, to keep innovating, because the ceiling under which they define “crossover” is a sinking one.