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Business

German Gasoline Prices at Near Record Highs

Gasoline prices in Germany reached record highs on Monday as oil prices have surged to levels not seen since the 1991 Gulf War. Although gas prices came down somewhat on Tuesday, analysts warned that the speed of the price increases on the Rotterdam crude market and the tense situation on the international energy market could keep prices high for the near future. Drivers filling up on Monday paid €1.20 for a liter of gas at stations across Germany, a historic high. While crude prices in Rotterdam have been rising for weeks, due largely to a massive buying spree by the U.S. to replenish reserves before the summer driving season begins, worries about the security situation in oil-giant Saudi Arabia have pushed crude prices close to 13-year highs. On Saturday, gunmen in Saudi Arabia killed five foreign workers there sparking concerns about supply disruptions from the world's biggest oil exporter.