Oil has been the primary fuel since World War I, powering transport, industry, and military. By World War II, it became essential for national power, leading to global dominance by Western companies. Post-WWII, OPEC formed to gain control, ending the Seven Sisters’ reign and shaping geopolitics.

Critical minerals like lithium and cobalt now play a role similar to oil in the 21st century. These minerals are crucial for clean energy technologies, with demand projected to increase as the world moves towards decarbonization. Unlike oil, critical mineral extraction is spread globally, with China dominating processing and refining.

While oil was concentrated in the Middle East, critical minerals are extracted worldwide. China’s dominance in mineral processing creates a new geopolitical dynamic, with Western countries heavily dependent on China for clean energy production. Resource competition, strategic alliances, and global power shifts are shaping the new era of mineral geopolitics.

Unlike oil, critical minerals are essential for building capital goods like cars and turbines. This dependence is temporary, as recycling and innovation can reduce reliance over time. Mineral geopolitics offer a dynamic structure compared to oil’s enduring centrality, affecting economic and military power in the 21st century.

Read more at Yahoo Finance: the scramble for critical minerals