The U.S. Market for Uranium: 70 Years of History

Abstract

In this monograph, I explore this empirical problem, relying on information from the United States uranium industry following the Second World War. This era is interesting because prior to World War II there was minimal need for uranium, and therefore no significant industry. With the development of atomic weapons, however, a new demand emerged. To satisfy this demand, a number of agents entered into the uranium industry, leading to a rapid expansion in exploratory efforts. For twenty years, from after the end of World War II to the mid-1960s, the only legal purchaser of uranium in the U.S. was the Atomic Energy Commission (AEC). The AEC appeared to be very interested in inducing exploration. Incentives offered to firms included construction of access roads, bonuses for initial production from a mine, and the promise of high prices in the future.