The Prize: The Epic Quest for Oil, Money, and Power

by Daniel Yergin

Premier Suzuki ordered a survey of Japan’s fighting capabilities to determine whether they were sufficient to continue the war. The study came back in mid-June 1945 with a picture of a war economy that was almost immobilized because of lack of fuel and the fury of the American aerial attacks. The numbers gave further proof of Japan’s desperate situation. Fuel oil inventories had been 29.6 million barrels in April 1937; by July 1, 1945, they were just 0.8 million barrels. Below a million barrels, the Navy could not operate. For all practical purposes, it was out of oil. To some in the Japanese government, “the utter hopelessness of our situation” was clear. But not to all, by any means. The possibility of surrender was far from accepted at the top of the Japanese government, and many bitterly rejected even its mention. The government was still pushing the slogan, “100 million people united and ready to die for the Nation.” The Army and elements of the Navy were battling to commit Suzuki’s Cabinet to a war to the bitter end.