The release of oil reserves

Have you seen any changes in the prices of gas / oil recently. In my area, they have been fluctuating a lot. I had to fill the car last week when the prices of gas where over 200 yen a liter. It broke my heart! However, the situation in the middle east puts it into perspective and if the worst of my problems is the price of gas, I am rather fortunate indeed.

The various news programs have been reporting that 95% of Japan's oil comes from Iran, which has left us in a terrible situation. I know that Japan released some of its oil reserves today, which in theory should stabilize the price, but I don't know if there is any watchdog ensuring that gas stations are doing the right thing. And will it be immediate or will it take a few days to filter down.

Reportedly, the release of oil reserves is a rare event for Japan, as it typically does not touch the emergency reserves unless there is a serious risk. The decision to release oil reserves is a reality check of the graveness of the situation. All eyes will be on Japan now to understand the implications for oil prices and the broader economic landscape.

What am I most curious about is how much reserves to we have in practical terms? And when the gas they release dries up, what will happen to gas prices then? If this war drags on and Japan can't secure enough oil to replete our stocks, what happens then? Here's hoping we never have to find out.