The world uses nearly 100 million barrels of oil every single day, a mind-blowing statistic that equates to 4.2 billion gallons of consumption every 24 hours! Now imagine if demand for oil were to double in the next decade.

Before you spit out your coffee, take a deep breath — because that’s not likely to happen. In fact, with the proliferation of electric vehicles (EVs), demand for precious crude will experience a steady and substantial decline well into the future. At the same time, however, another commodity vital to America and the world is poised to match, and even outpace, the growth of oil. I’m talking about copper, a mined metal that has proven essential to humanity since the dawn of civilization. It’s about to experience an unprecedented surge in demand and use.

Annual global copper demand is expected to double in the next decade, growing from 25 million metric tons today to about 50 million metric tons by 2035. This unprecedented increase is being driven by the technologies and infrastructure that support the attainment of net-zero emissions by the middle of this century. Solar panels, wind turbines, EVs, charging stations, grid-scale battery storage and long-distance transmission lines are all copper-intensive technologies essential to reducing greenhouse gas emissions to target levels by 2050.

For example, the voltage to power an EV is 2.5 times greater than that needed to run an oil-fired internal combustion engine. Look inside an EV’s lithium-ion battery and you’ll see coils of heavy-duty copper sheeting that power the motor, support electrical systems, stockpile energy reserves and operate multiple charging functions. In an increasingly electrified world, copper will be found, and needed, everywhere.

Consider what’s required to realize energy transmission buildout. According to the International Energy Agency, 50 million miles of heavy-duty transmission and distribution lines must be upgraded by 2040 to keep pace with global electrification efforts. That’s enough wire to circle the Earth 2,000 times.

The sheer enormity of this energy infrastructure boom will drive annual global copper demand to a level equal to all the copper consumed in the world between 1900 and 2021. Yes, all the copper produced and utilized during a 121-year period will represent global demand for a single year. This astounding figure is the kind of data that must shape our thinking about the intersection of mining and climate policy.

As projected shortages of lithium and copper threaten decarbonization efforts, supply chain bottlenecks worsen and prices for goods surge, our economic and energy futures are at an inflection point.

Sadly, despite its foundational importance to achieving our climate and energy goals, America’s domestic mining policy is in shambles. As demand grows for minerals and materials from the U.S., we are increasing our reliance on foreign sourcing instead of fixing our broken mine permitting process and energetically ramping up domestic production.

It takes a decade or more to permit a new mine in America, if a permit is granted at all. A shameful waste of precious resources, time and potential.

The Biden administration continues to slow-walk or block critically important mining projects to supply the copper and other materials we need now. Every day of delay is a missed opportunity to open a new copper mine and help meet the tsunami of demand on the horizon.

It’s time to align U.S. mining policy with America’s climate and energy objectives. We must eradicate the barriers to domestic production, unleash our own mineral potential, and develop the secure, responsible domestic supply chains we so desperately need and deserve. Our climate objectives, supply chain security and economic competitiveness depend on it.

Thomas J. Madison Jr. is an infrastructure consultant and the former administrator of the U.S. Federal Highway Administration.

Newsletter