Cheap Oil Built 'The American Way' but All the Cheap Oil is Gone:
In 1981 Merle Haggard wrote a song with the rhetorical question "Are The Good Times Really Over For Good?" With the benefit of hindsight-we now know the answer was "yes."
There were two reasons America dominated the 20th Century:
1) America had cheap and abundant oil and figured out how to use this resource to make American labor the most productive in the world.
2) America has vast fertile fields for agriculture many nations don't possess and America is located at a beneficial place on the equator to make the production of agriculture easier than in most other places.
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