South Korea is considering extending driving curbs to the general public if global oil prices climb further, senior officials said, as authorities seek to rein in energy demand amid supply strains due to the U.S.-Israeli war with Iran.
Finance Minister Koo Yun-cheol said on Sunday the government could expand restrictions on passenger car use beyond public institutions if crude prices rise to around $120–$130 a barrel, up from the current $100–$110 range.
South Korea is considering extending driving curbs to the general public if global oil prices climb further, senior officials said, as authorities seek to rein in energy demand amid supply strains due to the U.S.-Israeli war with Iran.
Finance Minister Koo Yun-cheol said on Sunday the government could expand restrictions on passenger car use beyond public institutions if crude prices rise to around $120–$130 a barrel, up from the current $100–$110 range.
The finance ministry said in a separate media release on Monday that mandatory driving curbs for the private sector remain undecided, adding that authorities would weigh energy supply conditions and broader economic factors before taking any action.
South Korea imports about 70% of its crude oil from the Middle East, leaving the country highly exposed to supply disruptions and sharp price swings stemming from tensions in the region.
The government last week enforced a mandatory five-day vehicle rotation system for the public sector, restricting vehicle use based on licence plate numbers.
Energy Minister Kim Sung-whan said last Thursday authorities were reviewing tighter demand-management measures should the alert level rise further, including widening enforcement of driving curbs, while encouraging voluntary participation by companies and the financial sector.
Major conglomerates such as Samsung Electronics (005930.KS), opens new tab and SK Group (034730.KS), opens new tab have joined the effort, urging employees to cut back on private car use and adopt fuel-saving measures.
Lawmakers and senior politicians have also taken to social media, posting about using public transport and bicycles to set an example and calling on the public to join energy-saving efforts.
Kim also tried to stop the panic buying of trash bags, as some consumers are hoarding the plastic bags in anticipation of a possible shortage stemming from the Middle East energy crisis.
In a Facebook posting, he said that more than half of the local governments have an over six-month inventory of rubbish bags, and Korea would allow the use of regular bags for waste in the “worst-case situation.”
South Korean President Lee Jae Myung urged the country to accelerate a shift to renewable energy such as electric vehicles, saying that the energy issue is “so severe that even I can’t sleep at night.”
