Fraser,

You are correct about H3, but it might be useful for fusion research. I know the United States has joined Iter thermal nuclear fusion project and may be able to lend a hand in fusion research by providing H3 for Iter or other fusion projects. Iter is touted to be the biggest scientific research project since the Manhatten Project save for the International Space Station. So with any luck we will have fusion energy in 30 to 50 years.

Sandia National Labs has also come up with some promissing research in fusion that is at the break-even point. http://www.sandia.gov/news-center/news-rel.../Zneutrons.html
Its not entirely easy for the lay person such as myself to comprehend, but it sounds good!

But Fraser, you must agree that the most promissing resource on the Moon would be oxygen for use as propulsion fuel and if there is no water on the moon, then scientists could still use the lunar soil itself to convert into rocket fuel.

It seems sensible to me that private companies could be allowed to refine these fuels for NASA or other nations as a fuel to send missions more affordibly into deep space. But for this to become a reality the US Government will have to provide a transportation system to the moon as well as provide a central hub from which to build acedemic and industrial modules from, otherwise the cost for a private company to set up operations would be prohibitively expensive. Some day I am sure private companies could do this on their own, but not in the beginning.