President Lee orders early measures to brace for Middle East shock, including possible vehicle rotation rules

[The Financial News] As the situation in the Middle East drags on, President Lee Jae-myung on the 17th called for broad, society-wide efforts to save energy, saying, "If necessary, I ask that you swiftly draw up various demand-reduction measures, such as an odd-even or 1-in-10 vehicle rotation system."
In his opening remarks at the 10th meeting of the State Council of South Korea held at Government Complex Sejong that day, Lee stated, "Given how difficult the situation is, the understanding and participation of our people are also essential."
Lee noted, "The situation in the Middle East is expanding in ways that far exceed initial expectations," and added, "If the current pattern continues, oil prices, which had briefly stabilized, are likely to become volatile again, and the shock to people’s livelihoods across the board will grow."
He went on, "We now need to prepare measures on the assumption that the situation will be prolonged, keeping even the worst-case scenario in mind," and said, "As we did when we secured additional crude oil from the United Arab Emirates (UAE), we must mobilize all our diplomatic capabilities and assets to focus on finding stable additional supply lines."
Lee continued, "If necessary, we should also consider export controls and devise emergency measures such as increasing the operation of nuclear power plants," adding, "In the medium term, we must move as quickly as possible from a fossil fuel–centered energy system to one centered on renewable energy."

west@fnnews.com Reporter Seong Seok-woo Reporter