A recent white paper has laid out some of the challenges in supplying minerals for any energy transition from fossil fuels, offering a timely warning for policymakers as the increased demand for electric vehicles (EVs) drives up the costs of materials used in such products. Notably, the benchmark prices of lithium, lithium carbonate, and lithium hydroxide have rapidly increased in recent months, as detailed at Benchmark Minerals. Hovering at just $115.80 per ton in September 2020, the benchmark price of lithium has surged to $1045.90 a ton in March 2022. That’s more than a ninefold increase. Zach Schumacher, a North American metals price expert with Argus Media, told The Epoch Times that the costs of EVs will likely increase as a result. The estimated average transaction price for a new electric vehicle was $56,437 in November 2021, according to Kelley Blue Book. The prices of other key minerals—including the rare-earth …