Matt Tilleard

and we know that oil in general is quite rare in the Earth's crust. We know that most critical minerals are actually geologically abundant in the Earth's crust, and we've really only just begun exploring for many of them at scale. So it's extremely likely that if we try, we can diversify. But second, if we're confronted with the behavior

of a PPF-style cartel. The elasticity of demand gives us the time and the leverage that we need to break the cartel or diversify our supply. Now, there will be short-term mismatches between supply and demand,

Control really matters when supply is scarce and demand is inelastic. When supply is abundant and demand is elastic, control will always be temporary. Here's one final piece of evidence that can tie all of this together. Can you name me a successful cartel for an energy transition mineral?

Have you, for instance, heard of these famous copper cartels? The Secretan Copper Syndicate, the Amalgamated Copper Company, the Copper Exporters Association, the Copper Exporters Incorporated, and the not particularly creatively named International Copper Cartel? These are all real cartels, and they all failed.

Because when supply is abundant and demand is elastic, a cartel has the lifespan of your average Game of Thrones character.

There will not be an OPEC for renewables. Okay, fine, but won't there be a Saudi Arabia of manufacturing in this transition? Well, no, at least not for the same reasons, because manufacturing is effectively abundant. Your ability to manufacture does not constrain my ability to manufacture. It's not zero-sum. Nobody can stop you from making solar panels.

Building, being good at building and making things, creates wealth. And wealth can lead to power. But in this transition, it matters so much less what you have, and so much more what you do.

The great nations of tomorrow will not be those that focus on controlling materials and constraining the growth of others. The great nations of tomorrow will be those that focus on their comparative advantage. Identify and unlock the resources that we'll all need. Invent, build and manufacture the technology that we'll all need. And then sell it at great prices, terrific prices.

to the rest of the world. That's what policymakers should focus on. Not annexing another source of not particularly rare earths. The leaders we need now are explorers, not exploiters. They are builders, not warriors. And they are innovators, not conquerors. So let's take off those fuel-tinted glasses together.

Who will control the future of clean energy? Well, the answer is nobody. And the answer can be everybody. Because the future of energy is not controlled. It's shared. It's not extracted. It's built. And it can belong to all of us. Thank you.