Staff members closely monitor the countrywide flow of electric power at the central control room
of the Korea Power Exchange in southern Seoul, Friday as skyrocketing global oil prices cast a dark cloud over the economy.

/ Korea Times Photo by Choi Hung-soo






By Jane Han
Staff Reporter

Friday morning, Mapo resident Kim Noe-mi anxiously followed the numbers on the gas pump quickly whirl by, after ``bravely'' asking to fill up her mid-sized Hyundai.

The meter read a little shy of 130,000 won, which is close to 30,000 won more than what it cost her about two months ago. But nonchalantly, she says, ``not bad,'' while starting her engine to head across the river for work.

``I know I'm definitely paying more than before,'' said the 26-year-old, ``but I guess I've learned how to live with the rising oil price that habitually reaches new highs these days.''

On Thursday, crude prices once again soared to a fresh record above $135 a barrel, making January's $100-a-barrel milestone seem like long gone history.

Being accustomed to seeing the past five months frequently headlined with ``new highs, again,'' Kim isn't the only one unfazed by the skyrocketing crude prices.

Seoul Expressway's recent analysis of traffic flow in the metropolitan region shows no significant decline in the number of cars on the road since April, when local gas prices for the first time broke the 1,700 won per liter mark.

As of Friday afternoon, the average price of regular gas at pumps in downtown Seoul surpassed 1,900 won per liter, with some stations charging more than 2,000 won per liter.

``Rush hour congestion was actually worse over the past month,'' said Kim Kyung-moon of the Seoul Expressway Traffic Control Center, adding that no other changes were obvious. ``Commuters don't seem to be turning to public transportation despite rising costs.''

The Seoul Metro's last month data indicates that subway commuters have gone up less than 0.5 percent, while Sunjin Woonsu, one of the biggest bus operators, also claimed no significant change in rider figures.

``Many people are choosing convenience over saving money,'' said Huh Chan-kook, a senior economist at the Korea Economic Research Institute (KERI). ``However, this practice can lead to danger in times of a global squeeze in oil supply.''

He said because South Korea, the seventh-largest oil consuming nation, is fully dependent on crude imports, individuals must tighten their belts to cut back on oil use.

jhan@koreatimes.co.kr

Originally Posted by south_bay_ed Thats right! Us Koreans are all rebels without a cause!