• Environmental and Resource Economics Review
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• v.16 no.1
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• pp.27-63
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• 2007

Using the CGE model, this paper investigates economic impacts of a shortage in crude oil resulting from voluntary export restraints, OPEC's agreement of a cut in oil production, and/or a storing on speculation. Unlike most previous studies considering oil price as the unpredictable variable, this study constructs the model to determine the oil price endogenously under the condition of an insufficient supply of crude oil. According to IEA's extraordinary steps for a shortage of crude oil, we investigate an economic impact of 7~12% shortage below the level of business as usual. The results show that oil price soars by 17.3~33.5%, the rate of economic growth falls by 0.52~0.96%p, and the consumer price index(CPI) rises by 0.8~1.51%p. These results imply that increasing in 1%p of oil price results in decreasing in 0.03%p of economic growth and increasing in 0.045%p of consumer price index. The production of electricity declines because of the increase in production cost. A shortage of crude oil has an effect on sources of electricity. Most reduction in electricity generation occurs from the reduction in the thermal power generation which is highly dependent on crude oil. The shortage of crude oil causes demand for petroleum to significantly decline but demand for coal and heat to increase because of the substitution effect with petroleum. Demand for gas rise in the first year but falls from the second year.

• Food Science and Industry
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• v.50 no.4
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• pp.65-81
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• 2017

In Korea, sesame oil has been used as a flavor source mainly by edible oil since ancient times, and it has been used by domestic screw pressing. In the 1960's, the demand for edible oils and fats increased significantly due to the improvement of national income and changes in food consumption patterns. In the early 1970's, a few edible oil manufacturing companies with modern solvent extraction and refining plants were established. In Korea, edible oil manufacturers account for more than 85% of employees with 50 or fewer employees. In Korea, there is a very shortage of raw materials for edible oils and fats, domestic production of edible oil is decreasing year by year and import volume is continuously increasing. While importing the edible oil bearing ingredients including soybean and extracted oil in the past, recently mainly imports crude oil and refines it in Korea. Soybean oil, palm oil and tallow account for 70~90% of total imported edible oils. Due to the recent well-being trend, the demand for olive, canola and grapeseed oils as household edible oil has increased and the production of blended oil has been greatly increased. Since the late 1980's, people have recognized edible oil and fat as a food instead of seasoning ingredient and have increased their edible oil and fat intake in Korea. Since the early 2000's, refined oil and fat products produced in Korea have been exported and is increasing every year.

• Applied Chemistry for Engineering
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• v.27 no.4
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• pp.343-352
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• 2016

It has been estimated that the Earth has nearly 1.688 trillion barrels of crude oil, which will last 53.3 years at current extraction rates. The organization of petroleum exporting countries (OPEC) group forecasted that the oil prices will not jump to triple-digit territory within a decade, but it can quickly increase as the political issue for reducing oil production appears. With the potential of serious shortage of conventional hydrocarbon resources, the heavy oil, one of unconventional hydrocarbon resources including oil sand and natural bitumen has attracted worldwide interest. The heavy oil contains heavy hydrocarbon compounds, commonly called as resins and asphaltenes, with long carbon chains more than sixty carbon atoms. The high content of heavier fraction corresponds with the high molecular weight, viscosity, and boiling point. Physicochemical properties of residues from vacuum distillation of conventional oil, referred to as vacuum residues (VR) were similar to those of heavy oil. For the development of heavy oil reserves, reducing the heavy oil viscosity is the most important. In this article, commercially employed aquathermolysis processes and their application to VR upgrading are discussed. VR contains transition metals such as Ni and V, but these metals should be eliminated in advance for further refining. Recent studies on demetallization technologies for VR are also reviewed.