Alex Beer
4 May 2008
Professor Huemer
Economics Term Paper
Uranium: Economic Benefits and Possibilities
In present times, it is possible for the world to sustain an increasing population. Additionally, three quarters of the world energy production is consumed by one fourth of the world’s population in the industrialized countries; however, the world’s population is growing at an alarming rate and other forms of energy are necessary for both environmental and economic reasons. The answer to this possible problem in the future is for the U.S government to adopt new policies concerning energy consumption and to find both cheaper and alternative sources. As it stands now, 80% of energy source comes from fossil fuels: coal, oil, and natural gas. But, these sources of energy are non-renewable and thus they are becoming scarce and as a result are drains on the economy. Consequently, Uranium, abundant in supply, needs to be used more because of its efficiency and low cost. If one compares the fuel requirements between a coal fired and a nuclear power station one would see that a nuclear power station uses much less fuel and thus is less expensive. Even though nuclear reactors have high capital cost, the efficiency of fuel use offsets that higher cost. These facts and the upcoming future must make America reexamine its energy usage. Meaning, as gas prices continue to rise and coal faces the economic constraints on its emissions, Uranium (nuclear power) look increasingly attractive to the U.S economy and using it not completely as a substitute for other energy sources but as a compliment to them is in our best interests.
In order for us to change our energy source, we must first e ...