Petroleum stockpile

Description

It's essential that we should stockpile petroleum to improve the emergency preparedness for structural unstability of international oil market.

Middle East which is suffering from political and religious unrest has 65% of total proved petroleum reserves in the world. And the dependency rate of Asia and Pacitfic area on oil from Middle East is now 76% and is expected to increase to 89% in 2010.

The enhanced influence of oil producing countries in Middle East on oil supply & demand and vulnerable emergency preparedness of oil consumption countries, resulted from poor development of alternative energies and unsecurity of stockpiled petroleum in developing countries, etc. make oil more strategical and political goods, enough to increase the possibility of recent rapid increase in oil price.

However, even though Korea ranks the forth biggest oil importing country and the sixth biggest oil consuming country, it shows the lowest emergency preparedness in oil importing countries, because of its high rate of dependency on oil from Middle east and low security rate of its self-developed crude oil.

So. korea is in dire need of strategical oil stockpile to make national economy stable.