Not to labour the point, but here’s another essay from the Asia Times on the decline of US hegemony. This one is from money manager Marshall Auerbeck who has a great 2001 quote from former Secretary of State James Baker, a close ally of the Bush family:
Strong economic growth across the globe and new global demands for more energy have meant the end of sustained surplus capacity in hydrocarbon fuels and the beginning of capacity limitations. In fact, the world is currently precariously close to utilizing all of its available global oil-production capacity, raising the chances of an oil-supply crisis with more substantial consequences than seen in three decades. These choices will affect other US policy objectives: US policy toward the Middle East; US policy toward the former Soviet Union and China; the fight against international terrorism.