How President Lee Jae-myung Plans to Tackle Energy Supply Issues Amid Global Crisis

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[Inews24 reporter Moon Jang-won] President Lee Jae-myung on March 26 urged officials to secure as much crude oil as possible and to reduce consumption, saying those steps are needed to help the country manage supply instability caused by the deteriorating situation in the Middle East.

Speaking at a site meeting held at the Korea National Oil Corporation’s Seosan reserve base in Seosan, South Chungcheong Province, Lee stressed that the public and private sectors — including companies — must join forces to address the problem.

He added that using this moment to address necessary fixes would be an important preparedness measure for the future.

Lee said the situation is difficult but global, not unique to Korea, and that how the country responds now could turn the challenge into an opportunity.

He also said he wanted to hear candid views on what the public expects from the government and on what joint actions are needed.

Earlier that morning, Lee presided over an emergency economic review at the Blue House, acknowledging energy supply challenges but saying the government intends, if possible, to avoid changing electricity rates.

Lee said the government has been actively managing private-sector energy prices and inflation and has used fiscal resources where necessary to offset losses for a rapid response. He warned that keeping electricity rates unchanged could dramatically increase losses and widen deficits.

He cautioned that such a policy could compound government fiscal losses and encourage excessive energy waste, and he urged citizens to help by conserving electricity.

Attendees at the meeting included industry leaders Kim Dong-chun, CEO of LG Chem; Na Sang-seop, CEO of Hanwha TotalEnergies; Cho Nam-su, CEO of HD Hyundai Chemical; and Lee Young-jun, CEO of Lotte Chemical. From the government side were Minister of Trade, Industry and Energy Kim Jeong-gwan and Son Ju-seok, president of the Korea National Oil Corporation. From the Blue House, Chief of Staff Kang Hoon-sik and Policy Chief Kim Yong-beom were present.