"The most important news first: Germany's energy supply is secure. Although prices rose quickly by around 30% in the wake of the US-Israel war with Iran, there is sufficient oil available, and there is no cause for concern regarding gas supplies in Germany. Our dependence on the Gulf region for gas is very low, accounting for less than 4% of total EU consumption."
"According to its Economy and Energy Ministry, Germany holds 19.5 million tons (143 million barrels) of crude oil in secret storage locations. Most of it is underground in large caverns, but some reserves are also located above ground in big tanks. Germany intends to release 2.4 million barrels of this reserve."
"Now, to alleviate the burden on commuters and businesses, the Reiche wants to follow Austria's example and permit gas stations to raise prices only once a day. Price reductions, however, would be allowed at any time. The German government is also considering tightening the antitrust law and giving the Federal Cartel Office monitoring authority."
Germany's Economy Minister Katherina Reiche confirmed the country's energy security despite oil prices rising approximately 30% following US-Israel tensions with Iran. Germany maintains low dependence on Gulf region gas, accounting for less than 4% of EU consumption. The German government prioritizes stability and responded to the International Energy Agency's request by releasing 2.4 million barrels from its 19.5 million ton strategic reserve stored in underground caverns and above-ground tanks. To address fuel price volatility, the government plans to restrict gas station price increases to once daily, following Austria's model, while allowing reductions anytime. Additional measures include considering antitrust law tightening and strengthening the Federal Cartel Office's price-fixing monitoring authority.
Read at www.dw.com
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