Yet we have seen the cost of these rare earths used as a leash. The Short but harsh Economic standoff and the post event epidemic. You point to the Saudis as your example. Today the US imports how much oil from the Saudis? Imports have fallen consistently last year they were down 44%.
They are still the number 2 supplier behind Canada. So saying that it will always be that way is not a solid standing. Yes some frackers went bust happens. Obama and a lot of politics didn’t help.
With the politics of the two powers Washington and Beijing butting heads depending on Chinese exports is a soft spot For Beijing to squeeze. Even if the US doesn’t go 100% to third party rare earths having a 10% option is a good idea. Sure the Chinese could try and flood the market with cheap rare Earths to try and squash it but thats kinda the point is it not? As that small option would mean more diversification. More and more Rare Earths are seen as Strategic materials in much the same way as Nuclear materials. You generally don’t buy Uranium from the guys who point the nukes at you so why by the circuit boards?