BOOKS IN REVIEW (February 03, 1992)

Energy World Analytical Yearbook, Australian Mineral Economics Proprietary Ltd., G.P.O. Box 3602, Sydney NSW 2001, Australia. 520 pages. US$1,450 (A$1,950).

This recently published volume covers three energy commodities: coal, petroleum and uranium.

Coal-oil substitution and environmental concerns of the greenhouse effect and nuclear waste disposal are all affecting markets for the three commodities. Australian Mineral Economics Proprietary (AME) forecasts recovery of the petroleum and uranium markets. Coal will continue its “profitless prosperity” for the present.

Small increases in steel production will see little if any increase in the demand for coking coal. Thermal coal shipments on the other hand are expected to increase substantially.

Strong competition among producers is expected to keep prices down. The petroleum market has been profoundly influenced by the rapid change in the eastern European countries and the breakup of the former Soviet Union (now the Commonwealth of Independent States). The latter is the world’s largest producer of oil and gas and both these fuels made up a significant part of Europe’s overall trade.

The spot price for uranium is at an all-time low. If the public’s concern about safety and waste disposal could be put to rest, nuclear power could be seen as an economical alternative energy source with a consequent recovery in uranium prices.