The credit crunch may slow new nuclear power plants and reduce demand for uranium. As a result JP Morgan Chase reduced its forecast for uranium prices by 14% for 2009 and 4.7% for 2010. The average spot prices for this year are projected to be about $65.98 per pound, down from the record high of $138 in June, 2007 for uranium oxide.
The Arizona Strip is a hot spot of uranium exploration activity, which has generated controversy.
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