Alarmed by surging oil prices, the government said yesterday it will announce compulsory energy-saving measures that include restrictions and mandatory holidays in the service industries if prices rise further.
At a meeting with the governing Uri Party, the Ministry of Commerce, Industry and Energy shared plans to combat worsening oil supply conditions. The ministry said it devised plans based on an early warning program for petroleum supply, adopted at the start of this year. The program allows the government to restrict the nation’s energy consumption.
Under the program, the ministry calculates a warning index at one of three levels, taking into account international oil prices, petroleum production by the Organization of Petroleum Exporting Countries, the net purchase position of petroleum futures and foreign exchange rates.
According to the ministry, Korea remains at “precautionary,” the lowest warning level. At that level, the ministry urges voluntary acts to save energy. Service industries are encouraged to take at least one day off a month, and private car owners are requested not to drive on one day a week. Recommended temperatures in buildings are 25 degrees centigrade (77 F) for air conditioning and 20 degrees centigrade for heating.
If the index hits the midpoint “warning level,” the ministry is permitted to make actions compulsory. Service industries must take at least two days off a month and large buildings and manufacturing facilities must submit energy-saving plans. Driving restrictions, however, would remain voluntary.
With the warning index at the highest level of “serious,” service industries must take four days off a month and car owners must stay off the road for one day a week.
The Uri Party and the ministry agreed yesterday for the public sector to actively promote the energy-saving measures.
As of Thursday, Dubai crude oil was $59.45 per barrel, up 37 cents from the previous day.
