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wisconsin_cur
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 Posted: Sun Jul 06, 2008 9:16 pm Post subject: Re: S. Korea to cut oil tax if oil hits $170 |
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Efficiency can carry you for quite a while. Here in the ol' US of A, efficiency is the biggest oil gusher to be found.
You do reach a point where the returns start to diminish.
Unfortunately for the S. Koreans they spent that margin when oil was "cheap" and now they are facing high prices when all of the low fruit has already been picked.
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DantesPeak
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Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Sun Jul 06, 2008 9:30 pm Post subject: Re: S. Korea to cut oil tax if oil hits $170 |
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| misterno wrote: | | OilFinder2 wrote: | | OilFinder2 wrote: | | South Korean oil demand has been flat for several years. |
As I said.
South Korean oil demand through 2006.
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South Korea has been growing with positive % for many years. So how come their demand is flat for so many years?
Anyone care to comment? |
Part of the answer is that they import more oil than they need, then refine and export the surplus as gasoline - including to the US up until recently.
| Quote: | Reuters - Thursday, June 26
South Korean top refiner SK Energy's ability to export at least 120,000 tonnes of gasoline each month from its new 60,000-bpd residual fluid catalytic cracker from July has also helped boost supplies. |
Yahoo
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OilFinder2
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Joined: Mar 26, 2008
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| Posted: Sun Jul 06, 2008 9:33 pm Post subject: Re: S. Korea to cut oil tax if oil hits $170 |
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^
Thanks. I was wondering if that might be the case, but wasn't sure.
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wisconsin_cur
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| Posted: Mon Jul 07, 2008 8:34 am Post subject: Re: S. Korea to cut oil tax if oil hits $170 |
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I was thinking about this graph as I went to sleep (yes, I accept that I have a problem).
It has leveled after a ~4 fold increase in about ten years what would that me something like 30% annual growth?). Would that be an instance of a newly rich nation utylizing that wealth until they reached a point of saturation (ie those who are going to buy cars and the like have already bought them)?
For a break down of increase in type of fuel used over the period in question
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OilFinder2
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Joined: Mar 26, 2008
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| Posted: Mon Jul 07, 2008 7:30 pm Post subject: Re: S. Korea to cut oil tax if oil hits $170 |
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^
You also have to remember that South Korea is a VERY crowded nation. Your point about saturation is no doubt correct, but also it's probably a case of . . . well, there's not much more room on the freeways anymore, and in the meantime they've built super-duper subways, trains, etc. to help people get around.
Could also be that industry is using more coal and/or natural gas (or even nuclear for all I know) and less oil.
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wisconsin_cur
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| Posted: Mon Jul 07, 2008 7:33 pm Post subject: Re: S. Korea to cut oil tax if oil hits $170 |
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Nuclear is very big there for electric generation but it doesn't look like they every used "much" oil for electric generation.
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