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The government has already kicked off a campaign to lower room temperatures, even before summer has come. The nation has no option but to conserve energy if it is to avoid blackouts, given that demand for electricity, left unrestrained, is expected to exceed supply.
But electricity is not the only form of energy that will be in short supply. A squeeze on oil supply is anticipated as Korea is under pressure from the United States and the European Union to suspend crude imports as early as this month. The United States and the European Union are tightening sanctions against Iran, aimed at halting its nuclear program.
Against this backdrop, a campaign to conserve electricity will not be enough. The government is called on to draw up a comprehensive energy conservation plan and implement it as soon as possible.
Last year, imports from Iran accounted for 9.4 percent of the nation’s crude needs. As the United States and the EU have been squeezing Iran’s crude exports, Korea has reportedly lowered the portion of Iranian crude to 6 percent. Still, a halt in imports from Iran will undoubtedly have a serious impact on the Korean economy.
According to one estimate, it will raise domestic oil prices 10 percent to 20 percent and the prices of gasoline by 200 won per liter. An increase in oil prices will add to inflationary pressure, dampen consumer spending and discourage corporate investments.
The Korean government has been negotiating a waiver from U.S. financial sanctions with Washington and with the EU an extended insurance coverage for oil tanks carrying Iranian crude. No matter what concessions it may take, Korea can hardly maintain the current level of imports from Iran.
Now the Korean government will have to take all means possible to promote energy conservation, including encouraging people to use public transport instead of driving their cars to work.
In this regard, Seoul Mayor Park Won-soon took a worthy initiative when he decided to permit employees of the metropolitan government to wear shorts and sandals from June 1. He said he would encourage ward offices, other public agencies and private business enterprises to join the campaign.
The planned change in the dress code did not elicit a welcome response from many quarters. Yet, it deserves serious consideration by public agencies and private businesses if indoor temperatures are to be kept at 28 degrees or higher as demanded by the government.
But electricity is not the only form of energy that will be in short supply. A squeeze on oil supply is anticipated as Korea is under pressure from the United States and the European Union to suspend crude imports as early as this month. The United States and the European Union are tightening sanctions against Iran, aimed at halting its nuclear program.
Against this backdrop, a campaign to conserve electricity will not be enough. The government is called on to draw up a comprehensive energy conservation plan and implement it as soon as possible.
Last year, imports from Iran accounted for 9.4 percent of the nation’s crude needs. As the United States and the EU have been squeezing Iran’s crude exports, Korea has reportedly lowered the portion of Iranian crude to 6 percent. Still, a halt in imports from Iran will undoubtedly have a serious impact on the Korean economy.
According to one estimate, it will raise domestic oil prices 10 percent to 20 percent and the prices of gasoline by 200 won per liter. An increase in oil prices will add to inflationary pressure, dampen consumer spending and discourage corporate investments.
The Korean government has been negotiating a waiver from U.S. financial sanctions with Washington and with the EU an extended insurance coverage for oil tanks carrying Iranian crude. No matter what concessions it may take, Korea can hardly maintain the current level of imports from Iran.
Now the Korean government will have to take all means possible to promote energy conservation, including encouraging people to use public transport instead of driving their cars to work.
In this regard, Seoul Mayor Park Won-soon took a worthy initiative when he decided to permit employees of the metropolitan government to wear shorts and sandals from June 1. He said he would encourage ward offices, other public agencies and private business enterprises to join the campaign.
The planned change in the dress code did not elicit a welcome response from many quarters. Yet, it deserves serious consideration by public agencies and private businesses if indoor temperatures are to be kept at 28 degrees or higher as demanded by the government.
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Articles by Korea Herald
