Lee Jae-myung "Considering Introduction of 'Windfall Tax' on Oil Companies"... Opposition Parties Criticize Soaring Heating Costs Fiercely

Lee "Heating cost bomb... Energy voucher budget must be increased"
Park Hong-geun "Public price hikes without measures, direct hit to vulnerable groups"
Go Min-jung "Support needed at local government level"

[Asia Economy Reporters Oh Ju-yeon and Park Jun-i] On the 25th, Lee Jae-myung, leader of the Democratic Party of Korea, emphasized the need for support measures for vulnerable groups in relation to the heating cost shock, and proposed the introduction of a 'windfall tax' as a form of shared burden on oil refiners that have shown strong performance due to high oil prices.

Lee Jae-myung, leader of the Democratic Party of Korea, attended the Supreme Council meeting held at the National Assembly on the 25th. Before the meeting began, he was seen talking with floor leader Park Geun-hong at the Euljiro Committee's coexistence flower attachment event. Photo by Yoon Dong-joo doso7@

At the Supreme Council meeting held at the National Assembly that morning, Lee mentioned vulnerable groups struggling with high inflation and high oil prices, saying, "Although not necessarily a windfall tax as adopted in Europe, I hope that excessive profits of oil refiners and energy companies can bear some burden through existing systems, so that the pain caused by rising energy prices for the people can be somewhat offset."

He added, "It is necessary to consider institutionally introducing a windfall tax, which other countries have already implemented." He pointed out that while oil refiners' operating profits have greatly increased thanks to recent high oil prices, vulnerable groups are enduring a difficult winter due to the heating cost shock.

Regarding the heating cost shock, Lee said, "I request the government to significantly increase the budget for small energy vouchers and promptly support heating costs for vulnerable groups." He criticized, "The government's sharp increase in electricity and gas rates has severely worsened the pain of vulnerable groups," and noted, "They are facing a heating cost shock due to rising international oil prices and severe cold weather."

He continued, "We proposed a supplementary budget of 30 trillion won, but the government and ruling party seem uninterested. Among that, we mentioned a 5 trillion won targeted price support fund, which actually includes energy issues," and said, "The Democratic Party will consult with affiliated local government heads to find ways to provide prompt heating cost support within a feasible range, even if it is a small amount."

At the meeting, measures to address public utility fee hikes were also demanded. Floor leader Park Hong-geun criticized, "Despite the livelihood crisis, the Yoon administration is incompetent in the economy," and said, "Unplanned public fee hikes are a direct blow to ordinary citizens and vulnerable groups." He also pointed out that the People Power Party candidates ahead of the party leadership election are dividing the public with pledges unrelated to the livelihood economy. Park said, "Even the National Assembly must achieve results in this extraordinary session," and urged, "The Legislation and Judiciary Committee should be convened to process at least one more livelihood bill, and the Defense Committee and Steering Committee should be held to investigate the causes of diplomatic and security disasters."

Supreme Council member Go Min-jung appeared on CBS Radio's 'Kim Hyun-jung's News Show' regarding heating cost measures, saying, "The government needs to prepare ways to provide thicker support to vulnerable groups, whether by allocating energy voucher policies through contingency funds or otherwise." She added, "The government should act swiftly, but so far, whenever the opposition proposes something, it has been outright rejected and opposed," and said, "If the government does not take the lead, Democratic Party local government heads should step up and find ways to support at the local government level."