Japanese media: South Korea launches "Fuel Saving Campaign"

How will AI · 260 trillion won budget stabilize Korea’s economic fluctuations?

Reference News Network, April 4 According to Japan’s “Tokyo News” on April 4, due to the closure of the important energy transportation hub, the Strait of Hormuz, Korea’s sense of crisis is increasing. Like Japan, Korea also imports a large amount of oil from the Middle East. The Korean government is calling on the public to reduce car usage, and private enterprises are responding accordingly.

“The current crisis is not a short-lived storm, but a huge storm with no end in sight.” On the 2nd, South Korean President Yoon Suk-yeol delivered a speech at the National Assembly, expressing his concern about the crisis.

The Korean government has prepared a supplementary budget of 260 trillion won (about 219 won per 1 Chinese yuan — note) to address the impact of energy supply fluctuations on the economy. On the same day, Korea raised the oil crisis warning level to “alert,” the second level of the four-tier warning system, to strengthen emergency response. Yoon Suk-yeol called on the public to “cherish, share, and overcome difficulties together.”

According to reports, 70% of Korea’s oil imports depend on the Middle East, with 90% transported through the Strait of Hormuz.

To address oil shortages, the Korean government implemented a “license plate last digit restriction” system for official vehicles starting March 25, strengthening restrictions on the use of government vehicles. Large companies such as Samsung and Hyundai Motor also followed suit, jointly promoting frugality.

It is also reported that the Korean government is considering measures to restrict private car use. If implemented, this will be the first such measure in 35 years since the surge in oil prices during the Gulf War in 1991. (Translation by Liu Lin)