South Korea President Lee Jae Myung has urged the government to proactively establish an emergency response system to address worries about oil and gas supply. He emphasized the need for quick implementation due to ongoing disruptions in global energy markets amid the US-Israeli conflict with Iran. Lee also called for the prompt approval of an additional budget to assist small businesses and vulnerable households impacted by surging energy prices.
Lee highlighted the widespread use of petrochemical products in various essential sectors, emphasizing the unpredictable nature of potential disruptions. He stressed the importance of national-level emergency preparedness to safeguard people’s livelihoods. The President instructed ministries to conduct thorough assessments of critical supplies, evaluate potential risks, and identify alternative sources to develop robust contingency plans.
In response to the escalating fuel prices, Lee directed the government to devise practical measures to alleviate the financial burden on the public. He emphasized the importance of preventing profiteering during crises and urged authorities to take strict legal action against any unfair practices. Additionally, Lee called for public cooperation in energy conservation efforts, proposing vehicle rotation schemes and promoting the use of public transportation.
Lee underscored the necessity of a supplementary budget to stabilize the economy, support affected industries, and ensure supply chain resilience. He emphasized the urgency of preparing and passing a “wartime supplementary budget” to mitigate the growing impact of the Middle East conflict. Furthermore, Lee instructed relevant ministries to combat collusion and price manipulation in the housing market, addressing real estate speculation as a critical national issue.
