Having witnessed the destruction of mighty BP, and jittery in the knowledge that oil spill liability caps are a thing of the past, companies will be doing their drilling by the book.

FORBES: Deepwater Ban Lifted; Big Oil Lesson Learned

Biofuels are big, too: they bring together Texans' knowledge of agriculture and oil.

ECONOMIST: America's clean-tech clusters

But no one, to Buttonwood's knowledge, believes that higher oil prices are a net plus for economic activity.

ECONOMIST: Buttonwood