the price of uranium goes up, it will be a while before there's a supply response. But probably a more dramatic example is oil and gas. The same agency, International Energy Agency, suggests coincidentally that the price to produce a barrel of oil is somewhere between $50 and $60 a barrel. Again, not lifting cost, but total cost, including cost of capital. Again, you make the stuff for $60, and this time you sell it for $40 or $42. You lose $20, $25 a barrel, and at present, you're doing this 83, 84 million times a day. We have seen other circumstances where oil was priced below the cost of production for two or three or four years. It can do that because of stranded capital, so much money got invested during the good times. But eventually, low oil prices mean, as they mean today, much, much, much less sustaining capital investment and almost no new project investment. That impairs the ability of the industry to respond to developing tightness and an increase in oil prices by (15/45)
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