South Korea May Change Fuel Price Calculations .

7:40 AM |

If you thought the U.S. is the only nation hurting with the fluctuations of gas prices, think again. SOuth Korea as the fifth largest crude oil importer in the world imports 100 percent. The sovereign nation is now trying to calm inflation pressures and see if they can create competition within their own market to make oil pricing more competitive for the consumer. I like that even though not everything is done in a capitalistic way in the world, nations such as Korea are trying to continue to pursue capitalism as the best way that everyone can have an equal opportunity to be successful and not grow dependent on the government. Tyson Bryan

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1 comments:

Nick Romano said...

I think this is interesting. I am sure there are other areas where they can try and spur competition to lower prices. I wonder if there were a way that they could also stimulate innovation for different fuel sources and not just oil. It seems like we have a dependency on oil and we need a new cost-effective, abundant alternative resource.

April 8, 2011 at 1:36 AM

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