Oil prices skyrocketed in 2010

Oil prices averaged nearly €60 a barrell in 2010 - a rise in price of 12 per cent from the previous year.

The price hike was brought about by a rise in demand caused by unusually cold weather this winter and a fall in oil supplies.

On Monday, the price of oil rose to €68.75 a barrel on Monday, the highest for over two years, though it has since fallen slightly.

US stockpiles have fallen for the last four weeks, and global petrol supplies fell by 2.3 million barrels - a million more than predicted.

The yearly average of €59.56 is the second highest in recorded history after 2008's €74.63.