ABSTRACT
The Japanese emphasize the advantages to them of lower priced oil imports but they are as determined as other nations not to have their achievements at energy diversification and energy efficiencies undermined by cheap oil. They also see their interests served in the avoidance of sudden, large price changes. The worsening financial situation of a critically important US industry raises the issue of the value to the US national interest of its being sheltered from the repercussions of the anticipated further decline in oil prices. In view of the US administration's insistence on market forces prevailing, and the President's reiterated opposition to new taxes, a political choice will have to be made on the import fee option which could also be described as being in the national interest.
