Gasoline Prices in Germany Hit Postwar High

Prices for gasoline in Germany have hit the highest levels in the country's postwar history, the EID energy information service said on Friday. A liter of premium fuel now cost drivers on average €1.16 ($1.38) and normal gasoline has reached €1.14, as oil prices have soared due to uncertainty in Iraq. This week a barrel of Brent crude cracked the $34-level. In an interview with the business paper Handelsblatt, German Finance Minister Hans Eichel criticized the OPEC oil producing nations for cutting supplies to world markets. He said if the price of oil were to remain so high over an extended period of time it could endanger Europe's economic recovery. Europe had been party shielded from rising price of oil, which is sold in U.S. dollars, due to the strong value of the euro. But in recent weeks the euro has slipped against the American currency, increasing the impact of the price hikes.