What do you mean? The US secured it's petroleum needs by the Canada/US relationship a long time ago. Nobody would cut off one of their biggest customers.
I think the media plays a big role in fear mongering...the fears of china etc..., I just don't beleive it's that real. News will sell out the US citizens first. Create fear at times, to induce selling or caution....maybe to keep the market heading in a certain direction?
All you may see is a further downsizing of the exuberance way of living for a lot of Americans...not total destruction armaggedon and end of the world. One bad outcome though is the increase of the gap in the 2 tier system of the haves and have nots. It's not good.
Think about it like this...what's happening right now, is actually a good thing. If you have kids you want their world to be better than today right? So all this excess has to be taken out or start to come out (what we are doing now is CLEARLY unsustainable)...so time to fleece the baby boomers who created this mess and got used to all the passive income. Alot of them sit long term and never sell, so they aren't really losing because it was never theirs to begin with. It's deeply engrained in their way of thinking to 'hold on for the long pull'. Alot of it has to do with the oil market - and the gains made in the energy sector.
In my opinion most of it is because of 'them'...our parents generation, whether they know it or not, BUT, even if they knew it at the time, you couldn't do anything about it...so blaming them doesn't really solve anything.
The market will take care of the excess. I have faith in the capitalist system, even as vile and disgusting as it is in reality.