Looking for good news in American innovation? Over the past five years, technology has improved the productivity of the typical oil or gas rig on America’s shale fields between 200 and 300 percent according to industry experts at Bentek. This stunning gain in energy yielded per dollar of capital explains why U. S oil production has grown faster than anywhere in the world.
Read MoreTo find some good news about the global economy you have to go digging.
Analysts, notable John Tamny in the Wall Street Journal, see the fall in gold prices as bullish for economic growth. Think of falling gold prices as a trailing indicator of investments shifting from safety to optimism. Moving cash from gold to growth.
For a leading indicator we don’t dig but dive to the bottom of the world’s oceans where we find submarine fiber-optics cables that carry the world’s information – the measure and the engine of future growth.
Read MoreCan we be optimistic about something in Washington? I’m talking about two pieces of news this week. One about what oil and gas can do for the American economy, and the other about the next Secretary of Energy.
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Mark is founder and CEO of the Digital Power Group, a Senior Fellow at the Manhattan Institute, formerly chief tech strategist for a tech venture fund, writes the "Energy Intelligence" blog for Forbes.com, and is co-author of The Bottomless Well (Basic Books).
More About Mark P. Mills »
The Bottomless Well
Manhattan Institute
Energy Intelligence Blog