Only much, much more so. Not only will Obummer lose the "Reagan democrats", he is also losing what was a significant part of his base in his first election...the "youth" voter and the woman voter.
Indeed, both China and Russia are increasingly aggressive in putting use to their domestic energy resources. Indeed, Russia right now is looking at potentially gigantic crude oil deposits in northeastern Siberia, and China is trying to find new uses for its very large coal reserves (someone mentioned that China is aggressively building coal-to-oil plants using the technology developed by SASOL of South Africa during the apartheid era). Meanwhile, Obama is too beholden to the environmental extremist crowd, much to detriment of everyone else.