South Korea announces first oil contingency measures »
Posted By STONERS 3 months, 1 week ago in NewsSouth Korea said on Sunday it was implementing a multi-stage contingency plan aimed at reducing energy consumption before the skyrocketing oil prices push Asia's fourth-largest economy into a full-fledged crisis.
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STONERS3 months, 1 week ago
"The move marks the first direct restriction on energy consumption introduced by the world's fifth-largest oil consumer since the country imposed some restrictions on transportation in the capital during the 1988 summer Olympics held in Seoul."
"Even the (oil) producing countries are now trying to save energy costs. We need to try twice as hard as they do... it's a matter of survival."
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