The key to wealth formation is and always has been on access to relatively cheap energy.
Even FDR and New Deal realized that, when it came to bringing rural electrification to the homes and farms in those regions far from metropolitan centers. People do not know it, as apparently it is not being taught in schools anywhere, but in 1930, a large part of America had little or no electricity or telephone service, and the fastest way to communicate was the Ford Model T, and the local newspaper. Power was still by horse teams, or possibly an F-20 Farmall or GP John Deere, both rather clumsy machines, but by using twelve-cent-a-gallon distillate fuel, they produced food in such profusion that it became necessary for the New Deal brain trust to destroy large quantities of grains, livestock, and even some manufactured foods, then place quotas on the individual farmers limiting how much they could produce. Electricity on the farms allowed the farmers to dispense with most hired labor, as electric motors took over the chores of drudgery work, and the now unemployed farm labor were free to go off and enlist (or get drafted) in the US Military, the generation that fought World War II.
Formation yes, but certainly not continuance. I give you our own loss of manufacturing here, but even a better example is Venezuela after Chavez took over.
Plenty of energy resources, he might have crashed the country faster but Obama and our legislature is doing just as good a job to take us to the same place when the takers now finally outnumber the producers.