The government of Gangwon province, to which Pyeongchang belongs, said it made the decision because it needs a "growth engine" for the province, and it expects unspecified "more favorable conditions" in the next bid.
"Hosting Winter Olympics still remains the yearning" of Gangwon province, the local government said in a statement Monday, calling the Games a "springboard" for the region's growth.
Last month, Pyeongchang, located 175 kilometers (110 miles) northeast of Seoul, lost the 2014 Games to Russia's Sochi by a margin of four votes. Four years ago, Canada's Vancouver won the 2010 Games after beating Pyongyang by a margin of three votes.
Russia and Iran play in tandem to raise oil prices, while the tandem of the United States and Saudi Arabia has a goal to cause oil prices to collapse