Where to begin...
First, the oil industry goes belly up 5 minutes after the announcement and the test by Israel of the formula while at the same time every company that mines for coal doubles in value in the same amount of time. That will have some economic ripples immediately as consumers demand cheap gas until they can get new "enhanced" coal vehicles. Detroit puts all its resources into making an engine to use "enhanced" coal. Basically any industry/business that uses oil starts finding ways to convert its energy usage. With the demand for cheap oil prices, businesses save money and bust the economy not only in the US, but around the world.
Second, there is a major geopolitical shift in the Middle East. European countries and the UN quickly side with Israel in the Palestinian issue. US policy changes radically instead of helping prop up the repressive ruling families & regimes in various Middle East countries that prove cheap oil, the US calls for reforms including human rights and populous government. The US starts decreasing foreign aid to the Middle East.
Third, politics in the US changes forever. The oil industry and the coal industry will be at war with lobbying Congress. The oil industry will pull on every Congressman and Senator from Texas, Louisiana, Alaska, and where ever else oil is drilled in the US. The coal industry will pull on every Congressman and Senator from Colorado, Pennsylvania, Ohio, West Virgina, and where ever else they mine coal (Nevada, Montana?).
Let's say this happens in 1975. By 1980, every nation in the world (except a few Arab countries) recognizes Israel as a nation and allows it to load up on weapons to defend/suppress (depending on your viewpoint). The US economy is booming because of cheap gas prices and the introduction of the first generation of "enhanced" coal vehicles hits the roads that have long lasting fuel. Europe and Asia are behind the US in changing over while the USSR is basically shut out and their economy is starting to sputter. In the Middle East, Iran has become a constitutional monarchy with a mixture of Western democracy with Islamic traditions. Egypt is starting to devolve into civil war along with several other countries. Iraq meanwhile is starting to get the world's attention because of its leader.
By 1985, the US has had a small recession but its economy is quicky recovering. The USSR is starting to teeter on its feet, it can get oil from some of the Middle East countries not in civil war but the US, Europe, and Asia are five years ahead in technology with PCs and the beginnings of cell phones. Iran, Kuwait, Bahrain, Qatar, and several other small Arab countries are stable constitutional monarchies. Jordan, which has basically been at peace with Israel since 1967 but signed a peace treaty along with Iran with Israel in 1979, had to expel a lot of Palestinian refugees because they threatened to send the country into civil war. Many of the Palestinians went into Syria and war torn Lebanon. Saudi Arabia and Egypt are some of a few countries in civil war. In Iraq, the leader denounces the "Jewish" plot.
By 1990, the Cold War is over ending in 1986 when seveal Eastern European countries asked for economic help from the West and some military. A mob in East Berlin toppled the East German government, many East German troops joined the mob and prevented Soviet troops from stopping it. Hungary and Poland then left the same night followed by Czechoslavakia two days later. The USSR disbanded in 1988 after efforts to keep the Baltic republics and Ukraine in the Union failed. The US entered the new decade the biggest and strongest economy in the world just as Detroit introduces the second generation of "enhanced" coal vehicles that added many miles per. An Islamic state in Egypt was established in 1989 along with one in Saudi Arabia later that year. Syria absorbed Lebanon in 1987.
By 2000, the world is totally different. The US is still the biggest economy as third generation "enhanced" coal vehicles hit the market. The Middle East is recovering from a spat of major wars. First in 1991, Iraq invaded Kuwait and Jordan for better ports on the Persian Gulf and to avenge the Palestinians. The same time the Islamic Republic of Egypt and Syria attacked Israel. Jordan was soon attacked by Syria. Israel, Jordan, Iran, and later Turkey joined forces and routed the three aggressor nations liberating Kuwait in the process. The international community helped reconstruct Iraq and Syria while Egypt again devolved into civil war making any reconstruction efforts impossible. Saudi Arabia however encouraged terrorist attacks by Palestinians now living in the Islamic republic. Yugoslavia was divided peacefully in the early 90s as democratic elections seperated the various states. The EU developed quickly in the early 90s and is a close second to the US economy. Japan is the third largest economy in the world as it gets the majority of its coal from the US, but Russia is starting to export its coal reserves and benefit from quick technology increases.