In a report released on August 2, 1999, the The President's Committee Of Advisors On Science And Technology (PCAST ) recommended that the U.S. consider participating in international research on extracting uranium from seawater: "One possibility for maintaining fission as a major option without reprocessing is low-cost extraction of uranium from seawater. The uranium concentration of sea water is low (approximately 3 ppb) but the quantity of contained uranium is vast - some 4 billion tonnes (about 700 times more than known terrestrial resources recoverable at a price of up to $130 per kg). If half of this resource could ultimately be recovered, it could support for 6,500 years 3,000 GW of nuclear capacity (75 percent capacity factor) based on next-generation reactors (e.g., high-temperature gas-cooled reactors) operated on once-through fuel cycles. Research on a process being developed in Japan suggests that it might be feasible to recover uranium from seawater at a cost of $120 per lb of U3O8.40 Although this is more than 10 times the current uranium price, it would contribute just 0.5¢ per kWh to the cost of electricity for a next-generation reactor operated on a once-through fuel cycle-equivalent to the fuel cost for an oil-fired power plant burning $3-a-barrel oil." [emphasis added]40 Nobukawa 1994: H. Nobukawa "Development of a Floating Type System for Uranium Extraction from Sea Water Using Sea Current and Wave Power," in Proceedings of the 4th International Offshore and Polar Engineering Conference (Osaka, Japan: 10-15 April 1994), pp. 294-300.

Source: Powerful Partnerships: The Federal Role In International Cooperation On Energy Innovation. A Report From The President's Committee Of Advisors On Science And Technology Panel On International Cooperation In Energy Research, Development, Demonstration, And Deployment. Washington, DC, June 1999, p. 5-26 - 5-27 (download full text , 1.3M PDF format)