Within the context of long-term waste management and sustainable nuclear fuel supply, there continue to be discussions regarding whether the United States should consider recycling of light-water reactor (LWR) spent nuclear fuel (SNF) for the current fleet of U.S. LWRs. This report presents a parametric study of equilibrium fuel cycle costs for an open fuel cycle without plutonium recycling (once-through) and with plutonium recycling (single-recycling using mixed-oxide, or MOX, fuel), assuming an all-pressurized water reactor (PWR) fleet.