Gas Prices Reach Record Heights | Business| Economy and finance news from a German perspective | DW | 24.06.2005
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Gas Prices Reach Record Heights

Gas and diesel are hitting record prices in Germany and consumers are noticing the difference at the petrol pump. Car fuel is getting pricey just when Germans are planning to go on holiday. Automobile clubs argue the oil companies deliberately raise prices during the holiday season. Crude oil prices rocked to record highs overnight, on strong demand for fuel and tight supplies. New York oil futures closed just under $60 (50 euros) a barrel. While many blame OPEC, the cartel argues that refining bottlenecks and volatile commodity markets are responsible for the surge in prices.

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