The next energy boom will be natural gas, although it could take a while to take off.
North Korea's failed rocket launch symbolizes the inefficacy of Pyongyang's economic and political system and the crash of brief hopes that the new Kim regime might lead to rapprochement with South Korea and the United States.
As Kim Jong-il's struggles to hold onto a crumbling North Korea, the US and South Korea can expect more calculated provocations – even displays of nuclear power. But rather than appease Kim with diplomatic concessions, now is the time to exploit those weaknesses with smart sanctions.
After recent meetings with China, North Korea seems to have its own version of trickle-down economics and emerging markets.