Oh it will be interesting. Assuming it is possible to commercialize this at scale then relatively overnight we'll some some of the following:
* The middle-east no longer becomes a strategic region. Wealthy regimes see their income disappear. The US has supported Israel as a strategic check in the region, but with oil losing its value the US no longer needs to fund Israeli security. We are likely to see skirmishes if not major wars, but this time it's over empires in decline, rather than empires with strategic resources.
* Texas' GDP declines substantially creating significant unemployment. Will government scape goat immigration and create further social problems, or invest in leading the transition creating a new wave of energy industries.
* Developing countries swiftly raise their standard of living as cheap energy is brought online. No idea what this ramification would be.
* The middle-east no longer becomes a strategic region. Wealthy regimes see their income disappear. The US has supported Israel as a strategic check in the region, but with oil losing its value the US no longer needs to fund Israeli security. We are likely to see skirmishes if not major wars, but this time it's over empires in decline, rather than empires with strategic resources.
* Texas' GDP declines substantially creating significant unemployment. Will government scape goat immigration and create further social problems, or invest in leading the transition creating a new wave of energy industries.
* Developing countries swiftly raise their standard of living as cheap energy is brought online. No idea what this ramification would be.