In 70s, following the oil embargo imposed by Saudi Arabia, the industralised nations were severely hit by the rocketing oil prices. The oil crisis woke the G7 up to the realisation of the vulnerability of relying too heavily on Middle-Eastern oil, and the top urgency to heighten the nations' energy efficiency.
The industralised nations, notably USA, Japan and Germany, put in strenuous efforts to greatly upgrade their efficiency in oil usage.
Energy efficiency, in dollar terms, refers to the quantity of energy (oil) used in producing per dollar value of GDP.
Today, Germany ranks top in the world in energy efficiency, with Japan and USA on the next positions.
Malaysia's oil reserves are fast depleting. But our statistics shows that we are not at all efficient in our oil usage. It is timely for our government to embark on serious programmes to improve our efficiency in oil usage.
13 hours ago