I was a bit torn on whether or not to post anything about it. On one hand, it's getting a lot of traction, (at least in Japan and Hong Kong.) On the other hand, it's sensational journalism - long on alarmism and short on detail. And it's poorly written, to boot. In the end, I decided to outline a few salient points as to why I think this article is bogus.
I don't really believe that this is a prelude to "a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy." I do believe, though, that it's another compelling argument for the US to aim for completely renewable energy. Get us off of oil. and the US can let China deal with the Middle East and all its problems.
It didn't take very long for some cold water to get thrown on this story:
Japanese Finance Minister Hirohisa Fujii said at a news conference in Tokyo today that he “doesn’t know anything about it,” when he was asked about the newspaper report.