• Environmental and Resource Economics Review
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• v.17 no.4
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• pp.719-749
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• 2008

Using the cost-risk portfolio approach, this study suggests a fiscal budgeting model that provide a measure to allocate fiscal budget among the strategies responding to oil crisis. In addition, it calculates the appropriate fiscal distribution among policy measures for the 2000 to 2006 fiscal years. According to the empirical results, a certain amount of budget should be allocated to the option using futures markets. The strategic stockpiling option turns out be hard to be included in the policy portfolio due to its costs much higher that the other options. Oil well development option should take more than half of total budget since its expenses are assumed to be relatively low.

• Journal of Navigation and Port Research
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• v.47 no.3
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• pp.167-173
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• 2023

The manufacturing industry is the backbone of the Korean economy. Among them, the petrochemical industry is a strategic growth industry, which makes a profit through reexports based on eminent technology in South Korea which imports all of its crude oil. South Korea imports whole amount of crude oil, which is the raw material for many manufacturing industries, by sea transportation. Therefore, it must respond swiftly to a highly volatile tanker freight market. This study aimed to make an early warning model of crude oil shipping market using a signal approach. The crisis of crude oil shipping market is defined by BDTI. The overall leading index is made of 38 factors from macro economy, financial data, and shipping market data. Only leading correlation factors were chosen to be used for the overall leading index. The overall leading index had the highest correlation coefficient factor of 0.499 two months ago. It showed a significant correlation coefficient five months ago. The QPS value was 0.13, which was found to have high accuracy for crisis prediction. Furthermore, unlike other previous time series forecasting model studies, this study quantitatively approached the time lag between economic crisis and the crisis of the tanker ship market, providing workers and policy makers in the shipping industry with an framework for strategies that could effectively deal with the crisis.

• Journal of Environmental Science International
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• v.7 no.3
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• pp.327-334
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• 1998

The oil crisis of the 1970s and the rise in oil prices motivated people to implement energy conservation strategies. Buildings were fitted with additional Insulation and reduced ventilation rates. The reduction of mechanical and natural ventilation rate led to Increases In Indoor pollutant concentrations which result- ed In Increased health risks from Indoor exposure to pollutants. The variable-air-volume /bypass fitration system/VAV/BPFS) is a variation of the conventional VAV systems, The VAV/BPFS is an electronically controlled system that provides costegectlve thermal comfort and acceptable indoor air quality Under controlled conditions In a chamber, a series experiments were performed to compare the ability of a VAV/BPFS to remove Indoor aerosol concentration and to reduce energy consumption no that ability of conventional VAV system. Results show that the VAV/BPFS Increases the effective ventilation rate and removes indoor air pollutant, and maintains acceptable indoor air Quality without sacrificing energy consumption.

• Journal of the Korean Society of Marine Environment & Safety
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• v.25 no.5
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• pp.550-559
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• 2019

The sinking of the M/V SEWOL in April 2014 was not a mere marine accident, but a marine catastrophe. This grim case developed into a social tragedy that impinged the national sentiment and communal integrity. It is imperative that thorough provisions and measures be outlined at the national level with regard to massive marine accidents, oil pollution, and natural disasters that might critically affect government affairs. Pivoting on "The Black Swan Theory," a concept of improperly rationalizing a national crisis based on uncertainties, this research assesses a variety of response strategies that minimize the national economic and social damage caused by a large-scale marine disaster. Along with the effort of minimizing any potential defects in each protective barrier, the "Black Swan Detection System of the Marine Disaster" needs to be incorporated to prevent cases wherein such defects lead to an actual crisis. Maritime safety must be systematically unified under a supervisory organization, and a structure for maritime crisis on-scene command and cooperation must likewise be established in order that every force on the scene of a marine disaster may act effectively and consistently under the direction of an on-scene commander.

• Management & Information Systems Review
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• v.37 no.3
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• pp.65-81
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• 2018

This study estimated the long-run and the short-run price and income elasticity of crude oil demand by using the ARDL model in Korea. First, the long-run cointegration relationship existed between crude oil demand and price or income in the ARDL-bounds tests. Second, the long-run own price, the cross price elasticity and the income elasticity were both statistically significant elastic and sensitive in the ARDL. Third, there was autocorrelation of the residuals, but no misspecification errors and heteroscedasticity, and then the residuals showed a normal distribution. And the CUSUM & CUSUMSQ tests showed that the coefficients were stable. Fourth, the short-run own price, the cross price elasticity and the income elasticity were both statistically significant elastic and sensitive in the ARDL-RECM. The ECM with the short-run dynamics showed rapid adjustments in the long-run equilibrium of oil demand after the economic crisis. In the short-run, the sensitivity of crude oil demand to price and income changes has moved in the same direction as the long-run case. Korea, depending too much on foreign crude oil, is vulnerable to the shocks of oil prices, so rising oil prices can certainly have a negative impact on Korea's trade balance. And the elasticity of long-run oil prices may help to control and manage Korea's oil demand. The government needs to strengthen monitoring of the country's policies and market trends related to crude oil, establish strategies to customize national policies and market conditions, and strengthen active market dominance efforts through pioneering new market and diversification.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.11a
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• pp.158-159
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• 2022

Due to the climate crisis, various environmental regulations including greenhouse gas reduction are in effect. This is not limited to any specific industry sector, but is affecting the entire industry worldwide. For this reason, the IMO and governments of each country are announcing strategies and policies related to the shipbuilding and shipping industries. The current regulations can be partially resolved through additional facilities such as scrubbers while using existing fossil fuels, but ultimately, the emission of greenhouse gases such as CO2 from the exhaust gases generated by ships must be restricted through energy conversion. To this end, it is necessary to develop fuels that can replace traditional fuels such as oil and natural gas. Among them, hydrogen is attracting attention as a clean energy that does not emit pollutants when used as a fuel. However, hydrogen has a wide explosive range and a fast dispersion speed, so research on this is necessary. Therefore, in this paper, when hydrogen leakage occurs in the fuel preparation room of a hydrogen-powered ship, the trend was analyzed and the ventilation characteristics were investigated.