Gas is cheap!

By Edward Harrison On Jun 22, 2008

A friend from the UK visited me at the weekend last week. As we drove by the local Exxon, and he spotted the $4.30 marker for regular unleaded, he commented “Petrol is cheap here.” Really?

Well, in the UK, he said he was paying £1.40 a litre for diesel. With the British pound near $2 and 3.78 litres per gallon, that comes out to about $10 per gallon. Cheap indeed.

Edward Janeck over at the Investing Speculator has a blog entry that points this out. Using data from a May 6th USA today article. It shows how much less Americans pay for gas than other developed economies (although they pay next to nothing in Venezuela and Iran).

Something to think about next time you’re filling up.

Bogged down

Most expensive places to buy gas

Rank	Country	Price/gal
1.	Eritrea	$9.58
2.	Norway	$8.73
3.	United Kingdom	$8.38
4.	Netherlands	$8.37
5.	Monaco	$8.31
6.	Iceland	$8.28
7.	Belgium	$8.22
8.	France	$8.07
9.	Germany	$7.86
10.	Portugal	$7.84
108.	United States	$3.45

Cruisin’

Where gasoline is cheapest

Rank	Country	Price/gal
1.	Venezuela	12 cents
2.	Iran	40 cents
3.	Saudi Arabia	45 cents
4.	Libya	50 cents
5.	Swaziland	54 cents
6.	Qatar	73 cents
7.	Bahrain	81 cents
8.	Egypt	89 cents
9.	Kuwait	90 cents
10.	Seychelles	98 cents
44.	United States	$3.45

Chart Source: USA Today, 6 May 2008,U.S. gas: So cheap it hurts