Gas prices in selected countries worldwide
Fuel prices in different countries range from a few cents to around seven 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 one of the biggest consumers of gasoline on a per capita basis, with approximately 1.22 gallons of gas per person daily.
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 have proven prone to rallies as of late. 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.
Gas prices in Europe are counted among the highest worldwide. At 7.08 U.S. dollars per gallon, gasoline is particularly expensive in Norway, although the country is located in a region where oil is abundant. Car drivers in India and Pakistan feel the most pain at the pump, though. According to data published by Bloomberg, about eighty percent of a day’s wages is needed to buy a gallon of gas in India. The low affordability of fuel is due to weak currencies, limited wage growth and a level of prosperity that is yet to meet other markets' standards. The high price in countries such as Turkey and the Netherlands is largely attributable to taxes. Other factors driving gas prices include local demand, processing and distribution costs, the strength or weakness of local currencies, and the aforementioned crude oil prices.