The Next Oil Field Is in the Nevada Desert. It Just Doesn’t Pump Oil.

Thacker Pass is being built to produce 40,000 tonnes of battery-grade lithium a year. In his latest free presentation, Jim Rickards explains why minerals are the new strategic fuel.

Washington, D.C., Nov. 04, 2026 (GLOBE NEWSWIRE) -- A century ago, America’s fortunes were made in oil fields. Today, one of the most closely watched energy projects in the country isn’t drilling for oil at all.

It’s digging for lithium.

In Humboldt County, Nevada, more than 1,600 workers are building Thacker Pass, home to the largest known lithium deposit in the United States. The project is backed by a $2.23 billion loan from the U.S. Department of Energy. Washington also holds the right to a 5% stake in developer Lithium Americas. General Motors owns 38% of the project.

When the first phase is finished, it’s designed to produce up to 40,000 tonnes a year of battery-grade lithium carbonate. “We are progressing well toward our late 2027 mechanical completion target,” says Lithium Americas CEO Jonathan Evans.

In a recent free presentation, former White House and Federal Reserve advisor Jim Rickards singles out Thacker Pass by name. “The Thacker Pass Lithium Mine in Nevada is the largest known deposit of its kind in the U.S.,” he says.

Lithium Is the New Crude

Oil powered the last century. Lithium is set to power this one.

It’s inside the batteries that run electric cars, phones, laptops and the grid storage that keeps power flowing. And like oil in the 1970s, whoever controls the supply holds enormous leverage.

Rickards says America has spent too long relying on others for the minerals that run modern life. He points to everything from “Elon Musk’s EVs, robots and satellites” to “advanced military weaponry like F-16 fighters and drones.”

That’s why a Nevada lithium mine has become a matter of national interest, and why Washington is putting real money behind it.

From Spindletop to Thacker Pass

Rickards sees this as history repeating itself.

He points to Houston, which was a modest settlement until 1901, “with the discovery of the giant oil field, Spindletop.” One discovery turned a quiet region into the center of a new industry.

Today, Rickards believes, America is sitting on the minerals that could spark the next wave. “We know exactly where these minerals are,” he says. “We know they’re worth trillions of dollars.”

Thacker Pass is one example. Rickards also points to California’s Salton Sea area, where he places roughly “$516 billion” of mineral value.

A Deposit That Waited

Thacker Pass wasn’t discovered yesterday. The deposit was identified decades ago. It took until 2021 to win federal approval, and construction only started in 2023.

Now it’s moving fast. And Rickards believes it’s a sign of what’s coming across the country.

“Now… for the first time in half a century,” he says, “we can go get them!”

The Question Beneath the Desert

A $2.23 billion federal loan, a government stake and a Detroit automaker all point to the same thing: America’s minerals are being treated as strategic assets again.

Rickards wants people to look past the headlines and ask what comes next. If the largest lithium deposit in the country is only now being built, what other resources are still waiting under American soil? And who stands to benefit as they’re unlocked?

About This Presentation

America built its wealth on oil, coal and gold. Jim Rickards believes the next fortune is buried in the minerals that power modern technology. In The American Birthright, his free presentation, he explains why Washington’s new push into lithium, copper and other critical metals could change the value of what lies beneath U.S. soil. Watch it here.

About Jim Rickards

Jim Rickards has spent half a century at the center of American finance and policy. He served as an advisor to President Reagan and helped craft the Petrodollar Accord, the agreement that cemented the U.S. dollar’s role in global oil trade. He later advised the White House and the Federal Reserve, giving him a rare view of how resources, money and power connect.

Derek Warren
Public Relations Manager
Paradigm Press Group
Email: dwarren@paradigmpressgroup.com