South Korea is considering restricting movement by private cars to save fuel
The South Korean Finance Minister said that his country may expand the scope of restrictions imposed on driving cars to include private sector cars, if they exceed Oil prices $120 per barrel, as part of its effort to mitigate the effects of the Iranian war on its fuel supplies.
Minister Ko Yeon-chul added, in a statement to the Korean station KBS: "We are studying the possibility of expanding these restrictions to include private cars to encourage cooperation among citizens, but we hope that the war will end soon so that we do not have to take such measures.".
The agency reported "Yonhap" South Korean News said the government will monitor public sector compliance with a five-day vehicle use restriction system, under which vehicles are divided into five groups based on their license plate numbers, and each group is prohibited from driving on a specific day of the week, according to the Ministry of Climate, Energy and Environment.
South Korea has already imposed driving restrictions for its government employees, limiting the number of times they can go to government buildings in their own cars. The expansion of these restrictions to include the private sector is the first step of its kind since the 1991 Gulf War. It also indicates growing concerns about An energy shock is imminent for an economy that is a major player in global technology supply chains.
President Lee Jae-myung last week called on citizens to conserve energy and use public transportation instead of driving cars to avoid energy shortages as the Iranian conflict continues.
South Korea, a major importer of crude oil and a major fuel exporter to AsiaAnd beyond, increasing risks of rising inflation and the impact of the Iranian conflict on the economic growth of a country that relies on energy imports from the Middle East.
The price of Brent crude rose by as much as 3.7% to reach $116.75 a barrel on Monday morning, after the Houthis fired missiles at Israel over the weekend and announced their intention to continue operations until attacks on Iran and its proxy armed groups stop. The price of West Texas Intermediate crude jumped above $100.
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