The sudden emergence of a sellers' market for world hydrocarbons, the Arab oil export embargo after the Yom Kippur War and the sharply increasing price of all forms of commercial energy have affected the very foundations of advanced economies. While the west and Japan are struggling to keep their technological societies, built on an uninterrupted flow of cheap energy, smoothly afloat, the People's Republic of China (P.R.C.) is watching with uninhibited satisfaction and derision. “ Energy crisis ” is for Peking just another proof of the ultimate crisis of the capitalist system, something that could not happen in China.