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\u2013$130 a barrel, up from the current $100\u2013$110 range.
If expanded to the entire public, the policy would mark the country’s first nationwide driving curbs since the 1991 Gulf War, when the government imposed a 10-day vehicle rotation system to conserve energy.
“If the Middle East situation worsens, the crisis alert would have to move up to the ‘warning’ stage, and around that point we would need to curb consumption,” Koo said on a local broadcast, referring to a move up to the third-highest level in the country’s four-stage resource security crisis alert system.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-37697","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n