1. 2. 3. 4.

Beyond the reasons cited in the article can you think of any other factors which might affect next year's oil prices? Of the reasons mentioned, which will and which won't affect Korea's oil prices? Why? Oil prices are consistently a pressing economic issue in the U.S. What have been the top five economic issues in Korea in the past few years? What, if anything, is Korea doing to become less oil dependent?

How can you support your claims? e.g. sources, documentation, first hand accounts.
Oil prices are essential issue in global economies. Hence, many analysts analyze data and predict oil prices. Since Oil is the main one of energy resorces. In Korea, oil prices have been an important issue of Korean economy with low employment rate, the high consumer price, monopoly of giant companies, and environment in the past few years. All of important issues, oil prices are the main thing to be considered every year. According to the article, the reasons are mainly related to demand and supply. But I would like to add two reasons more: green growth policies, and technology innovation. Green Growth Policy is a big trend in the world. This is not an option, but a necessity. The Korean government is continuously developing the policies in collaboration with Global associations such as UN, and foreign embassies. Green Growth projects promote the development of New and Renewable energy such as biomass, wind power and tide power. This will substitute the demand of oil. Hence, this factor should be considered of one of main reasons that affects to the oil prices. Also, it is closely related to technology. Korea has developed advanced technologies for energy effectiveness. Energy efficiency could reduce the amount of oil usage, and it triggers to lower the prices, too. However, some factors are not very affected to the Korean oil market. Findings of oil in America continent, in fact, little influence Korean economy. Because Korea depends large portions of import of oil on Middle-East Asia, improvement of oil supply in America is not very related, unfortunately. Additionally, Korea oil market is oligopoly industry. The market is dominated by four companies: SK, GS, Hyundai, and S-oil. So, if the oil price drops through the world, the oligopolists would not make down the prices. This is a big problem in the Korean market, and pointed by some congressmen, however, the situation is not improved yet. In conclusion, even though Korean people know the situation is not fair, because oil is main resources of transportation, we pay expensive so far.

Corrections:

Oil prices are an essential issue in global economies;. hHence, many analysts analyze data and predict oil prices. Since Oil is one of the main resources for one of energy resources. In Korea, Ooil prices have been an important issue of the Korean economy with low employment rate, the high consumer price, the monopoly of giant companies, and the environment in the past few years. OAll of all these important issues, oil prices are is the main thing to be considered every year. According to the article, the reasons are mainly related to supply and demand and supply. But I would like to add two more reasons more: green growth policies, and technology innovation. Green Growth Policy is a big trend in the world. This is not an option, but a necessity. The Korean government is continuously developing the policies in collaboration with Global associations such as UN, and foreign embassies. Green Growth projects promote the development of New and Renewable energy such as biomass, wind power and tidale power. This will substitute the demand of oil. Hence, this factor should be considered of one of the main reasons that affects to the oils prices. Also, it is closely related to technology. Korea has developed advanced technologies for energy effectiveness. Energy efficiency could reduce the amount of oil usage, and it triggers to lower the prices, too. However, some factors are do not very affectted to the Korean oil market. DrillingFindings off oil in America continent, in fact, little influences Koreans economy. Because Korea depends a large portions amount onf import of oil from theon Middle-East Asia, improvement of oil supply in America is not very relatedrelevent, unfortunately. Additionally, the Korean oil market is an oligopoly industry. The market is dominated by four companies: SK, GS, Hyundai, and S-oil. So, if the oil price drops through the world, the oligopolists would will not make downlower the prices. This is a big problem in the Korean market, and pointed out by some congressmen, however, the situation is has not improved yet. In conclusion, even though Koreans people know the situation is not fair, because oil is the main resources forof transportation, we pay expensive so farare obligated to pay a lot for it.