Responding to oil crisis

According to the author in "Korea up against high oil prices,weak dollar", the unstable oil price had caused bad effects to many nations. And an economic slump has happened because of oil crisis. Korea had a stable economy even though it had a high oil price in 2007. But experts are concerned that Korea's economy will be unstable because of the surging oil price. So if we can't deal with high oil price, it will let an economic depression occur. There are solutions to solve the oil crisis in Korea. First is the role of government. They should do that helping efficiency use of energy and restriction using oil. And second is long term way. We should develop a new growth engine.

Oil price will seriously threaten Korea's domestic economy. But, the oil price problem influences not only the Korean economy but also the global economy. So we should solve the oil crisis.

The first solution is re-preperation of economic structure. Before, our economic structure depended on the oil industry. But we will have a seriously hard time under the oil crisis. And the oil crisis is not temporarily problem. So we have to solve its root cause. So it is a good solution to develop the renewable energy industry.

Second solution is saving oil. In Korea's case, we don't have petroleum. So its cost is very high and the change in oil price has bad effects on our economy. So for those grounds, we need to save oil. To save oil, we should take public transportation rather than our own car. And it is good for saving oil to change appliances from low-efficiency machines to high-efficiency machines. And in Seoul, which is capital city of Korea, an enterprise combines citizen organization and peopke. And they have started an energy campaign.

The third solution is realization of substitute energy. Oil is a limited resource. So we can use oil for a limited time. This means we will be unable to oil in the future. Finally, we should prepare before oil exhausted. The first substitute energy is natural gas. Natural gas will exist a few decades longer than oil.It has a problem. It also is a limited resource, so it only can be a short term solution. So many experts suggest this energy. It is hydrogen. Many people like it to solve the oil crisis. because it is nice, clean and efficient. It doesn't let out pollutant substances. And we also can get it easily. Furthermore, it has more benefits than defects. So for those benefits, Japanese scientists have been studying about hydrogen cars. They succeeded in their investigation. The hydrogen car in Japan can drive 1 hour with 1 liter of water. Its speed is 80km/h.

Oil price affects the Korean economy. But it also influences the world's economy. It is problem that the high oil price has bad effects. So for those reasons we should solve the oil problem. There are 3 solutions. First is re-preparation of economic structure. We should change our economic system from oil-dependent economic structure to another economic structure. Second is saving oil. To save oil, we should use public transportation and using high-efficiency appliances. Third is development of substitute energy. There are good substitute energies, which are natural gas and hydrogen.

Reference:
Lexis-Nexis database.