Govt must prepare for potential oil crisis. (Japan)

The government faces challenges in securing stable energy supplies due to natural disasters and changes in the international political situation, according to analysts.

The Economy, Trade and Industry Ministry’s guidelines in the government’s new energy strategy were compiled to meet the structural changes taking place with regard to the global energy supply situation, such as surging crude oil prices.

Japan, which imports most of its energy resources, has achieved the highest energy efficiency in the world. It also has the largest oil stockpile in the world, in terms of how long reserves would power the country. These two measures are cornerstones of Japan’s preparedness to meet another oil crisis.