The Republic of Korea is a county like most others in that it has no or insufficient fossil fuel reserves of its own and depends on imports of oil, gas and coal for various vital purposes, including electric energy production, heating, and fuel for its transportation system. Like many other countries it now feels the pinch of high prices for oil and other raw materials, and like most others it is affected by the downturn in global stock markets and the failure of major banks in the aftermath of the subprime crisis in the United States. This interdependency in good and in bad times is the price of globalization.