Japanese Oil Industry Downturn
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While US based oil companies are
raking in the profits, their Japanese counterparts are not as successful. Asia Times reports the oil industry suffered the first
decline in gasoline sales in 21 years for fiscal year 2005, due to increasing gas prices and more fuel-efficient cars.
According to the article, gasoline sales have fallen just twice since 1950, in 1974 during the first oil
crisis, and in 1984 due to record heat which curtailed leisure travel. While a 1.5% decrease in gasoline sales might
seem small, it is nice to see a reversal of the trend of increasing consumption. Now, how can we make this happen in
the rest of the world?
Reader Comments (Page 1 of 1)
Mitz Auto Exports 1:19PM (7/20/2006)
well, it is not just the oil prices and introduction of fuel efficient hybrid cars is responsible for the drop in oil consumption. In Japabn we have a very efficient network of high speed bullet trains, and metros which is definietly cheaper and faster compared to road transportation.
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