$540,000,000,000 LITHIUM DISCOVERY COULD CHANGE GLOBAL ECONOMY ACCORDING TO EXPERTS
After scientists made an "eye-popping" discovery in a US lake, experts have explained how this discovery could permanently change the global economy. An estimated 18 million tons of lithium, valued at an astounding $540 billion, may lie at the bottom of California's Salton Sea, according to a study. Often used to power our cell phones, laptops, and electric cars, as well as pacemakers, clocks, and toys, it is referred to as "white gold" because of its value and appearance.
California Governor Gavin Newson dubbed the Salton Sea "the Saudi Arabia of lithium mining" because scientists initially believed the lake held four million tons of lithium. However, this revised estimate might actually benefit the US economy.
For comparison, more than 382 million batteries for electric vehicles could be powered by 18 million tons of lithium. On KJZZ radio's The Show, Los Angeles Times climate columnist Sammy Roth stated: "This new federal government report [is] a sort of eye-popping number."
They discovered that there may be enough lithium in the earth to manufacture batteries for 382 million electric cars—more than there are currently on the road in the US. "This is one of the largest lithium brine deposits in the world," said Michael McKibben, a professor of geochemistry at the University of California and one of the authors of the Salton Lake study. By doing this, the US could become entirely self-sufficient in lithium and cease importing it from China.
Given that China is currently the world's second-largest exporter of electric vehicles, after Germany, this would have a significant effect on the economy. Tendata estimates that 22.7 percent of global EV exports, valued at an astounding $34.1 billion, came from China. The United States came in sixth place with a mere 4.8 percent export value of $7.26 billion. However, the US Trade Commission reports that between 2018 and 2019, US EV imports from China climbed from $7.2 million to $388.8 million.
Therefore, if the US stopped importing Chinese EVs, it might be a serious blow to China. Additionally, the United States would export more of its electric vehicles, which would impact the other major exporters. At 37% of all new cars, China leads the world market for electric vehicles (EVs) as of 2023. Europe comes in second with 24%, and the US comes in third with 9.5%. Elon Musk would undoubtedly be happy about the possibility that the US could grow its market share and exports, earning more money and becoming the leader in EVs.
Additionally, the extraction of lithium from the Salton Sea has already started. According to ENR California, the first of seven planned phases of the $1.85 billion facility's construction, the first large-scale direct lithium extraction plant near the lake, started in January.