U.S. Imports 92% of Uranium for Nuclear Power

Trend: Building more nuclear energy power plants will increase demand for enriched uranium, increasing the energy dominance of Russia and other countries with uranium supplies.

Steve Christ at Wealth Daily describes another dirty little secret about nuclear energy. What about energy independence?

Link: Investing in Uranium.

...one of the biggest misconceptions about nuclear power at the moment is this: It will end our energy dependence foreigners. The truth is it will not. That's the dirty little secret most people don't know about nuclear power in the United States these days.

You see, while everyone knows we have become virtual slaves to foreign crude, only a few know we also import 92% of the enriched uranium necessary to run our nuclear plants. That is even worse than our predicament with oil where 70% of our supply is now imported.

That's why I call enriched uranium America's "other" energy crisis. Because if nothing else changes we could conceivably exchange one set of shackles for another if we are aren't careful.

And it will likely only get worse when a 20 year program with the Russians called Megatons to Megawatts runs its course in 2013 since almost 43% of what we use comes from dismantled Soviet warheads. After that supply runs dry, it is not inconceivable we could be completely on our own, unable to meet our own needs.

That's a current danger that we can ill-afford and Washington knows it. Over time, those potential shortages will only be exacerbated as more and more nuclear plants here and abroad begin to come online and demand skyrockets.

According to the World Nuclear Association, there are 439 reactors operating globally, with 36 under construction. Moreover, there are also 93 new reactors on the drawing board, with another 219 proposed.

And should all of the planned and proposed reactors be built, the world total will be more than 787, or almost a 79% increase over the current level—-the vast majority of which will be fueled with—you guessed it— enriched uranium.

So at some point in the future, enriched uranium could be no different than oil—sold off in a tight market to the highest bidder. Sound familiar?