5 - Yet we must witness the sorry spectacle of the greatest nation on earth unable to legislate an energy policy or program, a nation long on expedient short-sighted politicians and short on statesmen willing to act with courage in the Congress. Little effective has been done legislatively to stimulate greater production of energy domestically and indeed what was done earlier or is threatened now has lessened the incentives to explore for petroleum and natural gas, delayed any expansion of coal production, and seriously delayed the inevitable use of nuclear. It is a sorry performance! Finally, there is a shift internationally in the relative strategic strength between the developed nations that consume the raw materials and the developing nations that produce these raw materials. This shift in the balance of power, coupled with a defiance of international law and rising nationalism, has allowed the rules of the game to be changed arbitrarily and unilaterally without effective retaliation by the injured party or his government. Turning now to specific profit centers, copper has been very hard hit. Declining prices have affected both Utah's Island Copper mine which sells at prices based on the London Metal Exchange and Cyprus Pima which sells much of its concentrate at prices based on the U.S. Producers' Price. Last year Island Copper's revenues were based on an average copper price of $1.05 per pound and profits were very high, even though the magnitude of the profits was held down by royalties paid under the recently enacted British Columbia Mineral Royalty Act and by eight weeks of strikes. This year the London Metal Exchange price has ranged from 53 to 68 and currently is around 53. Island Copper has also agreed to defer a portion of the shipments to Japanese smelters but 1975 deliveries could still surpass strike-affected 1974 quantities.