“The spike in oil prices since the war reminds us how important energy security is and how poor South Korea stands in energy sufficiency,” Rep. Lee Un-ju, a First Member of the Supreme Council of the Democratic Party of Korea, told AJP in a recent interview.
The country must raise the share of clean energy through nuclear reactors or renewables and diversify away from heavy imports of fossil fuels, she said.
South Korea relies on the Middle East for 70.7 percent of its oil imports and 20.4 percent of its liquefied natural gas supplies, of which roughly 15 percent comes from Qatar — a structure that explains the havoc caused in Korean capital markets when oil prices surged above $100 per barrel on Monday.
To “kill two birds with one stone” — reducing reliance on the Middle East while facilitating tariff negotiations with the United States — Korea should more actively consider participating in oil and gas production in the United States and expanding purchases of U.S.-produced energy, Lee said.
Unlike the previous liberal government under President Moon Jae-in, which pursued a phase-out of nuclear power, the Lee Jae Myung administration is “thoroughly practical on energy policy,” she said.
President Lee understands the crucial role of energy in the transition toward an AI-driven economy, she said, noting that energy reliability ultimately determines the quality and cost of AI services.
To ensure competitiveness in AI technologies, the government recognizes the essential role of nuclear reactors, she said.
“Renewables alone cannot guarantee power demand in the AI transition. We have the world’s most advanced nuclear reactor technology,” Lee said, highlighting the broad range of industries supported by the country’s reactor ecosystem.
“Some may see it as a loss for our side,” she said. “But once a reactor starts operating with our help, it will require Korean parts and maintenance for decades, creating enormous revenue and profits for Korean companies.”
Lee also pointed to the sharp depreciation of the Korean won, which recently revisited levels last seen in the aftermath of the global financial crisis 17 years ago.
The weakness reflects market jitters over oil supply disruptions and potential U.S. tariffs, she said.
The government is working closely with domestic refiners to respond to supply instability, and the exchange rate is expected to stabilize once supply concerns ease, she added.
Trade concerns with Washington could also be addressed through the passage of a special bill on U.S. investment through a vote on Thursday and a high-level government delegation visit to Washington, Lee said.
“All the relevant ministerial-level officials will go,” she said, expressing determination to resolve the tariff issue within the month.
Legislators will also support the effort through parliamentary diplomacy.
A bipartisan Korea-U.S. Parliamentarians’ League delegation will depart on March 23 for a five-day visit, where members will meet U.S. senators serving on foreign affairs, defense and energy committees, as well as executives from major technology companies.
The delegation will include Reps. Lee Un-ju, Cho Kyung-tae and Min Hong-chul.
“We must speak on behalf of the government when our national interest comes under challenge,” Lee said.
The geopolitical environment has become increasingly tense and unpredictable, she added, describing the current era as one defined by “survival ideology.”
“It doesn’t matter whether you are left or right. We are all striving to survive,” she said.
The upcoming local elections in June — widely viewed as a midterm test of the administration — will focus on competence rather than negative campaigning, she said.
“We won’t resort to negative or black propaganda,” Lee said. “Instead, we will present candidates who will work hard for the people and the country.”
About the lawmaker: Rep. Lee Un-ju graduated from Seoul National University with a degree in French Language and Literature. After passing the National Bar Examination in 1997, she worked as a lawyer before becoming an executive director at S-Oil, a South Korean oil refining company, in 2008. She was elected to the National Assembly in Gwangmyeong, Gyeonggi Province, in both the 19th and 20th general elections, and won again in the 22nd general election from the Yongin Jung constituency, becoming a three-term lawmaker.
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