NICB CONFERENCE - Carefree Arizona January 28-29, 1972 Utah International Inc. today is a mining company producing copper, iron ore, coking coal, uranium, and steam coal. Its principal customers are the steel industry and the public utilities who produce energy from the fuel we deliver from our coal and uranium mines. I would like to talk about the trends in the supply and demand for energy and the implications of these on the U. S. economy and on U. S. public policy. The energy market grows around 4. 3% annually which means that it doubles about every 15 years. The fastest growing segment of that market is the industrial sector which by 1985 is expected to consume 47% of all the energy used in this country. With this audience I do not need to dwell on the close correlation between the per capita use of energy and the standard of living enjoyed, for obviously energy is one of the foundation stones on which our entire economy rests. The principal fuel sources to meet the demand are oil, natural gas, coal, nuclear power, and synthetics, and until now the United States has enjoyed the ability to be self sufficient in energy and has had available to it a choice among a variety of low-priced energy sources. To the extent that we have imported fuels we have done so as a matter of choice and not as a matter of necessity, and twice in recent years we have been forced to take care of our own needs as well as supply substantial amounts of fuel to Europe when the flow of fuel to Europe was temporarily interrupted. Now we hear talks of an energy crisis and clearly what is happening is