GET OIL OUT OF TRANSPORTATION
Turning those one-off statistics into sustained flows won’t be easy. But if history serves as any guide, Japan has demonstrated it can shift its oil consumption when it senses its national security is at stake.
Back in the late 1970s, the country consumed more than 5.5 million barrels a day, generating more than 60 per cent of its electricity burning crude and fuel-oil. Betting heavily on coal, nuclear and liquefied natural gas, it pushed oil out of its power industry almost entirely. By 2025, Japanese oil consumption had fallen to a 55-year low of less than 3 million barrels a day.
Reducing dependency on the…
Read the full article at CHANNELNEWSASIA.COM
