oil

Japan Press Service Co., Ltd. is the only news agency providing information of progressive, democratic movements in Japan

Part of corporate profit should be used to curb oil price rise

The Japanese Communist Party on September 6 proposed that oil refiners return part of the enormous profits they have amassed to consumers in order to deal with the extraordinary high oil prices threatening businesses and people's living conditions.

Ichida Tadayoshi, JCP Secretariat Head, unveiled the proposal at a news conference in Akita, where he was on a stumping tour.

He said, "During the past year, gasoline prices have risen about 10 percent and the prices for light and heavy oil and kerosene have risen 30-40 percent, hitting hard farmers, fishermen, and the trucking business. Keeping oil prices at an affordable level is a matter of great concern for the general public and has an important bearing on the future of Japan's economy."

Stressing the need for the government to take strategic steps to secure necessary energy sources and ensure their stable supply, Ichida said that the government should take the following two steps:

- Advise the oil refiners to return to consumers part of the profits they had accumulated and keep an eye on pricing in order to prevent price gouging; and

- Release part of the strategic oil reserves of 171 days held by the government and the private sector in order to ensure a stable oil supply.

Ichida said that the government should consider these steps to help the needy. -- Akahata, September 7, 2005