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Oil Production: 0 barrels are produced in South Korea. There is no current production of oil in South Korea today.
Oil Consumption: 2,324,000 barrels of oil are consumed per day in South Korea. This is about 10 percent of oil consumed in the United States.
Oil Consumption: 2,324,000 barrels of oil are consumed per day in South Korea. This is about 10 percent of oil consumed in the United States.
In looking at the data the first thing that completely pops out at me is that there is currently no oil produced in South Korea at all. This means that they are entirely dependent on foreign oil. This would make me believe that gas prices would fluctuate greatly from one day to the next depending on what is going on in the world. Seeing as there are areas in South Korea that are very heavily populated, but the oil consumption rate is about 10 percent of the United States, there are a couple of reasons that I could think that could be. First is that there are probably only one or two vehicles per family, unlike the United States, where there could be a vehicle for every person in the family. Second, and probably very likely is the dependance on public transportation, or walking within certain distances. These would remove the need for tons of oil, and would most likely save lots of money for the families.
Contemplate- The first question that the information raises in my mind is what does the average family spend on gasoline in a year? The second question I have is how much do South Koreans rely on public transportation?
South Korea's natural resources are limited to minerals like graphite, coal, tungsten, molybdenum, and lead. The major industries are shipbuilding, electronics, telecommunications, automobile, chemicals and steelworking. (Fact Monster, 2000-2015) These goods will be produced by workers in those industries, with raw materials being imported due to the fact that most of the materials are not available in their natural for to South Korea. South Korea's major trade partners are; the United States, China, Japan, Australia, Saudi Arabia, Singapore, Hong Kong, and Qatar. Most of South Korea's exports are in the technology field. Seeing as South Korea has no natural oil reserves, it comes as no surprise that crude oil is South Korea's largest import. A good link to show all of the major imports and exports as well as who the products go to and come from is located here: https://atlas.media.mit.edu/en/profile/country/kor/ The website gives you interactive tools that give you a percentage of what each market has in each field.
Fact Monster. (2000-2015). Korea, South. In Fact Monster. Retrieved August 3, 2015, from http://www.factmonster.com/country/korea-south.html
Fact Monster. (2000-2015). Korea, South. In Fact Monster. Retrieved August 3, 2015, from http://www.factmonster.com/country/korea-south.html