A New Industrial Revolution?

The American biologist Craig Venter, who's been trying to create the first artificial living creature, have started researching on small organisms. I read it in a post on The Economist's "The World in 2009" blog.

He has been working with a bacterium called mycoplasma laboratorium and will apparently be a bacterium stiched together in a lab and contained by a natural bacterium. According to Venter himself, he thinks that he will succeed during 2009. Venter also claims in an interview, that it could be the start of "a new industrial revolution". Is this evidence of a forthcoming shift from chemistry to biology driven industries?

For instance, biology might be the future when it comes to creation of new fuel sources. Moreover, Venter has made a bold statement that his research team has discovered some sort of components that are "far better than any science-fiction scenario that anybody could imagine."

I will try and let you know if I see anything more in this matter. As for now, be sure to have a look at the wiki article on Craig Venter as well as the wiki on mycoplasma laboratorium.