The statistic represents gasoline prices around the world as of November 2014. At 6.94 U.S. dollars per gallon, gas prices in Germany were lower than in Norway, but considerably higher than in the United States. According to the source, gas prices were measured between September 29 and November 11, 2014.
Fuel prices in different countries range from a few cents to just under 10 U.S. dollars per gallon. Gasoline is often regarded as a key driver of a country’s economy, as it is the main fuel used in families’ passenger vehicles and the automotive fleets of small and large businesses. The United States is the biggest consumer of gasoline on a per capita basis, with 1.22 gallons of gas per person and day.
One of the liquid’s main ingredients is crude oil. The spot prices of publicly traded crudes, such as UK Brent, the OPEC basket grades and U.S.-sourced West Texas Intermediate, are highly volatile and prone to rallies. Where access to oil is limited, this volatility is increasingly causing a shift towards alternative propulsion systems and fuels among a growing number of vehicle drivers.
Venezuela sells the cheapest gas in the world, while gas prices in Europe are counted among the highest worldwide. Although located in a region where oil is abundant, petrol is particularly expensive in Norway at 9.26 U.S. dollars. In light of lower economic standards, car drivers in India and Turkey feel the most pain at the pump, though. According to data published by Bloomberg, over one third of a day’s wages is needed to buy a gallon of gas in Turkey. The high price is largely attributable to the country’s gas tax, which is counted among the highest in the world. Other factors driving petrol prices include local demand, processing and distribution costs, the strength or weakness of local currencies, and the aforementioned crude oil prices.