South Korea announces first oil contingency measures

South Korea said on Sunday it was implementing a multi-stage contingency plan aimed at reducing energy consumption before the skyrocketing oil prices push Asia's fourth-largest economy into a full-fledged crisis.
Prime Minister Han Seung-soo told a televised news conference the government would restrict driving of cars owned by public organisations as part of the measures, adding a tougher set of steps would be adopted if oil prices rose further.
The move marks the first direct restriction on energy consumption introduced by the world's fifth-largest oil consumer since the country imposed some restrictions on transportation in the capital during the 1988 summer Olympics held in Seoul.
"Even the (oil) producing countries are now trying to save energy costs. We need to try twice as hard as they do... it's a matter of survival," Han said.