I think you're being unrealistically optimistic, despite your extremely dystopian last sentence. People will continue to create suffering through ignorance, delusion, greed, and hatred even in the face of abundant energy—OPEC was founded in 01960, at which point the previous 50 years included the Holocaust, the Holodomor, the Great Leap Forward and the greatest famine in history, the Rape of Nanking, the worldwide rise of Fascism, two World Wars, the Bengal Famine of 01943, de-kulakization, the establishment of GULAG, the Great Depression, the first nuclear war, the destruction of Königsberg, the 01918 flu pandemic, the First Indochina War, the Chinese civil war, the Armenian genocide, the last 18 years of the American Indian boarding schools, the death marches of the Palestinians, the Partition of India, and some other incidents.

Energy became immensely cheaper after Watt, and all of the above events happened in the world thus created. Making energy cheaper still won't solve most of the world's major problems impacting most of the world population.