Gas Prices Around The World: Relative To Income, U.S. Has Some Of The Cheapest Gas In The World

Mark Perry
updated | Author's Website
 Price  
  Rank   
  Country    $/Gallon
    Premium 
 Pain at the
 Pump Ranking 
1Norway$9.6948
2Denmark$9.3742
3Italy$9.3529
4Netherlands$9.3537
5Greece$9.2323
6Sweden$8.9744
7Hong Kong$8.8931
8Portugal$8.8521
9U.K.$8.8434
10Belgium$8.8237
11France$8.7235
12Finland$8.5940
13Germany$8.5636
14Ireland$8.3439
15Switzerland$7.9547
16Slovakia$7.9319
17Hungary$7.6911
18Czech Rep.$7.5922
19Japan$7.5841
20S. Korea$7.5726
21Spain$7.5532
22Slovenia$7.5428
23Austria$7.4543
24Malta$7.3225
25Latvia$7.269
26Luxembourg$7.2451
27Lithuania$7.2412
28Estonia$7.0520
29Poland$7.0115
30Cyprus$6.9633
31Bulgaria$6.945
32Australia$6.7549
33Singapore$6.7045
34Romania$6.597
35Chile$6.5417
36Brazil$6.4113
37Inida$6.061
38Canada$5.7546
39S. Africa$5.728
40Seychelles$5.5314
41Argentina$5.4416
42China$5.314
43Thailand$4.966
44U.S.$4.1950
45Indonesia$4.113
46Russia$3.7129
47Malaysia$3.0024
48Mexico$3.2027
49Iran$2.7818
50Nigeria$2.332
51UAE$1.8953
52Egypt$1.7310
53Kuwait$0.8854
54Saudi Arabia$0.6152
55Venezuela$0.0955

The table above is based on this Bloomberg article “Highest & Cheapest Gas Prices by Country“:
“The cost of a gallon of gasoline ranks with bad weather as one of the most universal complaints. In the U.S., the price of gas is getting even more attention than usual this year as presidential contenders battle over energy policy.

What’s lost in the debate is how much the U.S. and other countries actually pay for gas, relative to one another and to their citizens’ wages. The ranking above sorts 55 countries by: a) the average retail price at the pump for a gallon of premium gas (from April 2 to 11), and b) by “pain at the pump,” which is measured by the percentage of average daily income needed to buy a gallon of fuel.”

MP: The world’s cheapest gas is found in Venezuela at $0.09 per gallon (cheaper than bottled water), where the cost of filling up the 39-gallon tank of a Chevrolet Suburban is only $3.51, compared with $163.41 in the U.S.  The most expensive gas among these countries is India, based on the “pain at the pump” measure.  A gallon of gas costs $6.06 in India, which is  more than 100% of per-capita daily income (based on annual per-capita GDP of $1,400).  If gas was that expensive in the U.S., it would cost about $200 per gallon (based on annual per-capita GDP of $48,387).  So even at $4 per gallon, gasoline here is a real bargain.

Based on the price of gas relative to income, the U.S. ranked No. 50 out of 55 countries for the “pain at the pump” measure, and that was based on gas prices at their peak in the U.S. in early April.  Now that U.S. prices have fallen by almost 20 cents in the last six weeks, the “pain at the pump” has eased somewhat – so quit your whining about “high” gas prices! Relative to income, we have some of the cheapest gas in the world.

HT: Sy Banerjee

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