this diversification shields us from oil price shocks. In an op-ed for the FT, Citi's Ed Morse acknowledges all this. But he says allowing crude exports would vanquish the ghost of 1973 once and ...

exceeding the figure of 77.5 percent during the 1973 oil crisis, when oil prices soared and costs were felt in areas far from the energy sector. “Japan needs to revisit the lessons it learned ...