What would happen to the world ecnomy if oil was replaced a fuel source?

If someone was able to patent a process to use water as a cheaper and reliable source of energy that could be used in cars and completely make oil obsoleted would happen to the world economy?What would happen to the world ecnomy if oil was replaced a fuel source?
it would continue to run. the dollar wouldnt be used as to buy gas money. middle east would plummet cause thats the only thing they have is oil- the dollar would lose alot of value since dollar is used to trade oil. russia would go in dip since they are inflated by oil currently. Venezuela same as russia. all gas stations would need to be reconfigured to use the new energy.What would happen to the world ecnomy if oil was replaced a fuel source?
Since nothing in our economy happens overnight, I don't think we could expect dramatic changes immediately. No crashing of Wall Street or anything like that. If someone were to develop an alternative source of fuel, the first thing would be that manufacturers would slowly start to turn out products using this new source of fuel. And the design and engineering of new products takes time. At first, these products would be very expensive, so the companies could recoup the expense of developing them, but the price would come down as more and more companies start manufacturing the products.





It's like computers - everyone in the world didn't start using them as soon as they were created. It took decades for us to become as dependent on them as we are now. The same way with using an alternate fuel source. We'll gradually go from using fossil fuels to the new one.