Gasoline oil consumption in South Korea reaches 14-year high

State-owned Korea National Oil Corp. (KNOC) said that South Korea’s gasoline oil consumption in 2011 hit a 14-year high. Average gasoline sales reached 189,707 barred per day during the first 11 months of 2011, the highest recorded consumption level since 1997, when 195,501 barrels were sold. The price for a liter of gasoline was at an all time high of 1,929.26 won (US$1.67), which made the surge in sales all the more noteworthy. Industry sources said the rise in the consumption of gasoline is due primarily to the slow increase in prices of fuel products and the prevailing unwillingness of people to use public transportation. (January 16, 2012)