Really? And when was the last time you were not able to go buy gas at the pumps cause OPEC was strangling the market?
Besides, your comparing apples to oranges. We have the rare earth reserves, we lack processing facilities. If China squeezes to hard, then the profit incentive would be there to create our own processing facilities. China might be able to significantly influence the market but there's a limit which they cross they would undermine their own position. Why would they do that? Again, much ado about nothing.