Technology--The Future Of Raw Materials

The crust of the earth, together with its seas and its atmosphere, is the source of all of mankind's primary wealth. Indeed, most people think of precious metals and stones when they think of wealth mined from the earth, but the value of the material and energy goods derived from the earth far exceed the value of the precious metals and gem stones. Thus, it is obvious that all minerals which we mine from the ground represent new wealth--the copper, clay, or petroleum we mine just as much as the gold or silver. More and more, wealth is defined in terms of utility-not in terms of an arbitrarily established monetary value. The recent action of the OPEC nations in controlling the flow of petroleum has clearly demonstrated this to the petroleum-importing nations! There is developing in the United States, as well as in many other nations of the world, a concern for the future availability of many mineral-derived raw materials and of mineral fuels. Ore grades are diminishing, concern for the environment has placed restraints on commercial development of some mineral deposits and the processing facilities necessary to exploit them, and countries upon which we have relied for major mineral materials have become increasingly nationalistic, causing uncertainties in future supply and causing an increasingly alarming deficit in our nation's balance in trade.