Last January, and again in late September, I wrote that the Achilles heel of the Obama green energy agenda — which involves a stifling of carbon-based energy use through taxation and regulation in favor of “green” energy sources — failed to take into account that green energy technology depended heavily on “rare earth” minerals mined almost exclusively in China.
Once again, this near monopoly is coming home to roost, as China has announced an across-the-board cut back in rare earth exports. As reported by The New York Times:
China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted shipments of those materials to the United States and Europe, three industry officials said on Tuesday.
The Chinese action, involving rare earth minerals that are crucial to manufacturing many advanced products, seems certain to further intensify already rising trade and currency tensions with the West. Until recently, China typically sought quick and quiet accommodations on trade issues. But the interruption in rare earth supplies is the latest sign from Beijing that Chinese leaders are willing to use their growing economic muscle.
As I stated before, Obama merely is trading our dependence on foreign oil — as to which there are numerous suppliers — for dependence on a single foreign source of green technology raw materials.
What possibly could go wrong?
The Coming “Green” Collapse