Oil is a sinking ship, and the US is going down with it.
America and Oil. It's like bacon and eggs, Batman and Robin. As the old song lyric went, you can't have one without the other. Once upon a time, it was also a surefire formula for national greatness and global preeminence. Now, it's a guarantee of a trip to hell in a hand basket. The Chinese know it. Does Washington?
America's rise to economic and military supremacy was fueled in no small measure by its control over the world's supply of oil. Oil powered the country's first giant corporations, ensured success in World War II, and underlay the great economic boom of the postwar period. Even in an era of nuclear weapons, it was the global deployment of oil-powered ships, helicopters, planes, tanks, and missiles that sustained America's superpower status during and after the Cold War. It should come as no surprise, then, that the country's current economic and military decline coincides with the relative decline of oil as a major source of energy.
If you want proof of that economic decline, just check out the way America's share of the world's gross domestic product has been steadily dropping, while its once-powerhouse economy now appears incapable of generating forward momentum. In its place, robust upstarts like China and India are posting annual growth rates of 8 percent to 10 percent. When combined with the growing technological prowess of those countries, the present figures are surely just precursors to a continuing erosion of America's global economic clout.
http://motherjones.com/politics/2011/09/america-oil-declining-alternate-energy-sources
