Learn to live in an oil-scarce world

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Learn to live in an oil-scarce world



World oil prices have risen sharply. The spiraling prices will continue to make people worry in Korea and the rest of the world. Many Koreans expect that it will result in a slowdown of the country’s economic growth.

Given the increasing world demand for energy and no significant increases in supply, it is important for oil consumers to prepare for skyrocketing oil prices. How will Koreans respond?

It is important to change consumer lifestyles by using less oil. This would include consuming less gasoline and saving energy. How about buying fewer cars?

High oil prices are hitting consumers worldwide. Korea is one of the countries that will suffer the most damage, since it is heavily dependent on imported oil to fuel its domestic production as well as exports.

High oil prices are taking their toll on almost all consumers, beginning with Korean businesses.

The problem is that we are not going to see an end to skyrocketing oil prices anytime soon. Consumers all over the world have endured this situation with difficulty and disruption in their lives. Many experts say this will continue.

There are many factors that cause this problem of oil prices.

That control of oil output is in the hands of the Organization of Petroleum Exporting Countries is thought to be the biggest reason.

But some news reports suggest that the world’s supply of oil may have reached its limit. Commentators suggest that some oil fields are already exhausted. In addition, the cost of oil production has become more expensive. Many oil corporations are now forced to explore for new sources of fossil fuels and pump oil from beneath the deepest seas.

Some minor events, such as a workers’ strike in a British oil company, affect the supply of oil and contribute to the increase in prices.

If oil prices continue to skyrocket, it is important for Koreans to get serious about saving energy. With today’s energy situation, gasoline should no longer be “king.”

The supply of oil will be exhausted someday. It is important to accept this and prepare ourselves early by changing our consumer lifestyles. This means getting used to living with less gasoline and oil.

Se Jin Oh, student,

Hanyang University Ansan campus
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