With the green energy boom heating up, keep an eye on uranium and related stocks, like Cameco (CCJ). Helping, Congress passed the Russian uranium import ban, which now unlocks about $2.7 billion to expand U.S. nuclear fuel production

“The broader package also includes a ban on federal licenses for reactor fuel imported from or produced by entities controlled by Russia while adding China and China-controlled entities to the import blacklist,” according to UtilityDive.com. In addition, according to MarketWatch.com, “A ban on U.S. imports of Russian uranium is set to shake up the market for nuclear power, and lift prices back above $100 a pound for the nuclear fuel which has been tight on supplies.” 

In addition, uranium demand is expected to jump 127% by 2030. By 2040, demand could be up by 200%, creating a potential 240-million-pound deficit. Worse, the deficit could continue to widen with growth in annual demand expected to triple by 2050, as noted by NexGen Energy. 

Also, according to Cameco CEO Tim Gitzel uranium prices are soaring higher due to global factors that will “persist for years,” as noted by Seeking Alpha. “Market tightness caused by supply chain challenges, ongoing mine depletion, declining secondary supplies, and a decade of underinvestment amid low market prices likely will persist well into the next decade.”