Uranium prices exploded in the mid-1970s. From 1973 to 1976 the quotation rose more than sixfold in nominal terms, and almost fivefold when measured in constant dollars. The market changes were general. The uranium industry was originally developed in response to military demand. The strength and perseverance of the uranium price rise was surprising, not least because falling demand forecasts, excess plant capacity, etc., continued to characterise the industry right through the period during which prices exploded. Another useful distinction among the factors may be between the ones that were internal to the uranium market and those that were not. The price performance in uranium puts this commodity market together with that of petroleum in a special category. The conditions which led to the uranium price explosion were exceptional in several respects. The generality of the problem becomes apparent when it is realised how widely governments have penetrated international commodity markets.