Since we have more oil and gas than anyone else on the planet, we should sell as much as possible before free energy devices become a thing. Those man-made UFOs aren't using gas or diesel. Bring manufacturing back to the U.S. and make the middle class boom. $150k in CA and NY doesn't go very far. Most families need both parents working and bringing in $300k+ to afford a modest home. Eliminate income and real estate taxes so people can keep something of what they earn. The more you make means the more you keep, not having to always think of the tax man wanting his cut.
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You're only looking at the downside. Yes, it would disrupt the status quo but the upside would do more good than harm. It wouldn't happen overnight, there would need to be a transition period.
Free energy wouldn't eliminate the need for petroleum used to make the shoes , plastics, medicines, etc. It would eliminate the need for petroleum for transportation and electricity generating power plants. It would greatly reduce the cost of travel and transportation of people, food, home goods, everything.
Consider what happens when each home or building could be run on a unit in their basement without the need for the grid. Storms would have little effect. There would be no power outages. People wouldn't be limited to where they could live. They could move to the wilds of Alaska and have all the electricity they needed for satellite communication, water pumps, cooking, lighting, etc.
The grid would not be needed. All the land where high tension wires run all over the country could now be used for farming, housing, etc. No need for unsightly wind farms or windmills. It would eliminate urban blight caused by unsightly wires and telephone poles. Desalinization plants would have little cost to operate allowing potable water in many places all over the planet. New industries and jobs would be created manufacturing and installing and maintaining these devices.