Posted AT 6:00 AM EDT on 21/05/08
As oil soars, Japan's plan makes sense
By rights, the Japanese should be panicking.
Their rocky island home is all but carbon-free, so it has to import its fossil fuels. When oil prices spiked before, in the 1970s, the country experienced an “oil shock” that temporarily crippled the economy and sent nervous consumers rushing to the market for essentials.
That isn't happening this time, even with oil prices hitting new highs close to $130 (U.S.) a barrel yesterday.
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