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23

South Korea Shows How Its Done

Conservation possible even in an expanding economy...

South Korean oil consumption fell to its lowest level in five years during the first two months of the year.

According to statistics released jointly by the energy ministry and the state-run Korea National Oil Corp., a total of 132.6 million barrels of oil were consumed domestically in January and February, down 5.3 percent from the corresponding period last year.

The two-month figure is the lowest since 1999, when 127.5 barrels were consumed, the ministry said.

This is the third straight year for oil consumption to decrease in South Korea.

In February alone, when the international oil price skyrocketed due to a sudden decision by the Organization of Petroleum Exporting Countries to reduce production, domestic oil consumption plunged 12.34 percent year-on-year to 62.6 million barrels, the statistics showed.