|Price Rank||Country||$/Gallon Premium||Pain at the Pump||Price Rank||Country||$/Gallon Premium||Pain at the Pump|
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 about 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.