POWER!!!! Fortescue Future Industries, page-2593

It reminds me of the episode of the Simpsons where Homer joins the Stonecutters, and they all sing "who holds back the electric car? We do!" That was 1995.

The flaw I see in your scenario is that the role of China has changed. Like Japan and South Korea before it, China's car manufacturing has lifted its game to produce export-quality models, including joint ventures with Europeans and others. China will be trying to push levers of its own this time, and if EVs suit China, then they will be pumping them out even if the US and the Saudis don't like it. In the past when US-Saudi interests were being imposed, the big car makers were all in the Western sphere of influence: US, Japan, Europe, South Korea. Now it doesn't matter what Americans including Lone Skum do. Just like iphone made Android the best seller, Teslas have created a market for Chinese EVs. Tesla's sales and marketing strategy is currently being cloned by BYD, although MG and GWM seem to be going for an old-school showroom sales model. But demand is off the scale whatever the strategy. Once people get to experience them, their conclusion is that for most consumers, EVs are simply better. Supply and scale mean prices are only going down. It might be 10 years, it might be less, but it's hard to escape the feeling that ICE cars are going west, into the sunset.