![]() In Japan, the government has intervened in energy prices, particularly concerning nuclear power. These policies include a cap-and-trade system for carbon emissions, subsidies and tax incentives for renewable energy, and regulations on energy efficiency. In the wake of the Ukraine-Russia conflict, the EU has implemented a range of policies to control energy prices and reduce dependence on imported fossil fuels. In the last two decades, the government has also given tax incentives and subsidies to promote the development of renewable energy sources, such as wind and solar power. During the 1970s oil crisis, price controls, import quotas and subsidies for domestic oil production were the norm. government has a long history of intervening in energy prices, particularly in oil prices, since the time of President Roosevelt. This involvement isn't just a particular case, other developed countries are heavily interfering in energy markets too. Even if the nature and extent of these interventions have varied over time, they were often driven by economic and political factors, but ultimately worked for the better. It was all to protect the economy from the impact of volatile global energy markets. The most recent intervention was the temporary suspension of the fuel tax on gasoline.Ī look at history shows that the government has been very prudent. The measure involved temporarily suspending the fuel tax and lowering the price of diesel fuel by subsidizing its cost. In 2018, the government also sought to stabilize the price of diesel fuel. ![]() For example, in 2008, the government attempted a temporary measure to stabilize the price of gasoline, which involved suspending the fuel tax and lowering the price of gasoline by subsidizing the cost. More recently, in the 2000s and 2010s, the government continued with its interventions, particularly in oil and gas prices. It came in the form of price controls, subsidies for low-income households and a system of price stabilization funds. In the 1990s, the South Korean government continued to intervene in energy prices, particularly concerning liquefied petroleum gas (LPG), which is widely used for heating and cooking in South Korea. In response, the government implemented a number of measures to control the prices, including subsidies for oil imports and restrictions on oil use. South Korea, which is heavily reliant on oil imports, has been hard hit by rising oil prices since the 1970s oil crisis. The government's intervention in energy prices (including subsidies, taxes and price controls), particularly oil prices, has always been a normal practice in South Korea. It is time to cry foul at this administration's acts as examples of administrative incompetence. ![]() And according to the government, it isn't the end of the matter ― there is a plan to increase the prices even further. Higher utility prices, particularly for heating and gas, have hit us all in recent months. ![]()
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