Bioengineering Bugs to Make Fuel http://www.portfolio.com/views/colu...8/02/06/Craig-Venter-Creates-Artificial-Gene/ I would rate this thread of research to be amongst the most profound in history. The foundation of it is even more important, synthetic genes. http://en.wikipedia.org/wiki/Gene_synthesis
1) I didn't read the link but is it competitive with crude oil at less than $70/barrell? 2) If you buy a pair of polyester Levi's, then you have synthetic jeans.
As the original article hints, in the short term the immediate gains to society is through biologics, a word that everyone should add to their vocabulary: http://en.wikipedia.org/wiki/Biologic AMGNs Epogen is an example of this drug. Because these biologics are close to being miracle cures for people, it often causes conflict because of their extreme cost: http://www.huffingtonpost.com/merrill-goozner/the-amgen-ripoff_b_29457.html But there is no denying this is the future of medecine. If you are just entering university and deciding what field to go into, recombinant DNA and the entire field of biologics, well, it is extremely interesting, and you will save lives. If you are an investor, you may want to google the drugs listed in the examples section of the wiki link above.