http://www.planetark.org/dailynewsstory.cfm/newsid/19794/story.htm
South Korea limiting vehicle use as oil price soars SOUTH KOREA: February 12, 2003 SEOUL - South Korea, the world's fourth-biggest oil buyer, plans to curb use of passenger cars by state employees and switch off some street lights as part of efforts to cushion the impact of surging oil prices. "We plan to implement from next week some mandatory measures to save energy, such as turning off some street lamps and limiting use of passenger cars," an official at the Ministry of Commerce, Industry and Energy told Reuters this week. Households as well as some businesses such as department stores and petrol stations should cut electricity use, while ski and golf resorts, and midnight movie theatres and 24-hour sauna bath should cut business hours later on, the measures stipulate. Seoul is trying to limit the shock from global oil prices that are hovering well above $30 a barrel, bolstered by a possible war in Iraq and a strike in Venezuela, which has strangled supplies from the fifth-biggest exporter. Soaring crude prices have become the main threat to growth in Asia's fourth largest economy that depends fully on imported oil. The official said they would start by limiting the use of passenger cars by those working for state and other public organisations, but might later include the general public. One out of 10 passenger cars would be banned from running on a given date based on the last digit of the number plate. The forced limit on the use of passenger cars is expected to save about 603,000 barrels of oil or oil equivalent to 140 billion won ($118.3 million) a month, the Korea Petroleum Industry Association (KPIA) said. South Korean oil demand for transport stood at 244 million barrels in 2002. The forced energy conservation was designed to be implemented when Middle East Dubai crude, the benchmark for most supplies into Asia, tops $29 a barrel but stays below $35. Dubai crude price stood at $30.41 a barrel at 0621 GMT. Oil imports account for nearly 20 percent of South Korea's total imports in value which stood at about $150 billion last year. A $1 rise in crude prices on an average basis over a year cuts economic growth by 0.1 percentage points. Seoul said last week it was set to cut the oil import tax by 43 percent to 8.0 won per litre from February 17 to protect consumers and business from high oil prices. The government has said it would implement further measures such as cutting local taxes on oil products and might release oil reserves if the Dubai price touched $33. (US$1=1183.8 Won). Story by Park Sung-woo REUTERS NEWS SERVICE Biofuels at Journey to Forever http://journeytoforever.org/biofuel.html Biofuel at WebConX http://webconx.green-trust.org/2000/biofuel/biofuel.htm List messages are archived at the Info-Archive at NNYTech: http://archive.nnytech.net/ To unsubscribe from this group, send an email to: [EMAIL PROTECTED] Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
