Here’s what I see happening at the macro level:
The US, for all practical purposes, was able to successfully compete for the world’s fuel supply such that nearly everyone in the US could afford to drive.
Now other populations/regions of the world where almost no one could afford to drive are increasing their ‘wealth’ and competing with us for fuel.
In these nations, like China, India, Brazil, much like in the west, the majority of the ‘wealth’ flows to the top.
These people at the top are increasingly able to afford to outbid us for fuel as they bid up the price.
Our lowest income individuals get outbid first, and it works its way up from there as total world fuel output stagnates.
This process continues as their wealth increases and a larger number of their ‘rich’ outbid our ‘poor.’
A small percentage of their much larger populations gaining wealth means a larger percentage of our smaller population gets out bid.
And rising fuel prices/declining real terms of trade further foster this effect.
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