Another Necessity We Get from Russia Rises 40% in Price

3
258

The United States is burdened by high inflation and drastically so in only one year under Joe Biden. All the responsibility for it falls squarely on the shoulders of Joe Biden and his team. And there is no sign of the problem slowing down because he’s doubling down on all the bad policies that got us here. Many of the problems he is creating could well be irreversible.

Among the many necessities that are skyrocketing is uranium. We need it for defense and our energy. Sadly, we are dependent on Russia for it. Since they invaded Ukraine, the prices are up 40% and rising. That is the highest they’ve been in a decade.

The MSN reports: Uranium prices have gained as much as 40% since Russia’s invasion of Ukraine, touching levels the market hasn’t seen in more than a decade, even though the war has had little immediate impact on global supplies of the fuel used to generate nuclear energy.

It’s a long-term problem for European nations that are considering maintaining their nuclear power or building new reactors.

It will also affect the United States.

U.S. utilities rely on Russia for 16% of their enriched uranium supply, while Europe relies on Russia for 20%

“Any disruption in this supply caused by sanctions imposed by the West, self-sanctions adopted by utilities, or Russia deciding to ban the export of enriched uranium, further exacerbates the structural supply deficit that already exists in the market,” says John Ciampaglia, CEO of Sprott Asset Management.

We get about a fifth of our uranium from Canada, and about half from Russia and their neighboring allies. We once mined all of our own uranium until we stopped and outsourced to our enemies beginning in the nineties.

We put the country up for sale as well.

If you will remember, a major uranium mine in the US was sold to Russia via Canada under the Obama-Biden administration with the assistance of Hillary Clinton.


PowerInbox
0 0 votes
Article Rating
Subscribe
Notify of
guest
3 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments