Seoul issues nationwide energy conservation measures

The rising price for Dubai crude, which reached US$110.77 on the spot market four days in a row, prompted South Korean officials to upgrade their energy alert level. South Korea is entirely dependent on imports for all its energy and oil needs. South Korea has a four level system of energy alerts based on the price of crude oil. The system ranks energy alerts by blue, yellow, orange and red. If crude prices rise above US$130 per barrel for five days, an orange alert will be issued. If prices rise above US$150 for the same time period, the highest red alert would be issued. The recent increase in crude prices has the Ministry of Knowledge Economy raising its energy alert level to yellow. (February 25, 2011)