Japanese Oil Industry Downturn

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?

[Source: Asia Times]


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