Not being the economist of the group, I can’t say with any authority, but sounds like a very much half full situation to me. One can point to the energy crises in the 70’s, along with post Vietnam costs, as being a marker for the beginning of decline of middle class in US, moderated by women entering the workforce, but decades of middle class and Blue Collar decent salaries decline ensued.
One might see this news as also dramatically important. Couldn’t come at a better time, with “US World Leadership” in question…now perhaps if we have some great infrastructure ideas we might actually be able to fund them…and bring US back to leadership in internet infrastructure and broad band affordable access.
One can dream, but as energy goes, so goes a mighty big part of the economy everywhere in the world, needless to say.