Gas is cheap!

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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).

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

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Bogged down
Most expensive places to buy gas
RankCountryPrice/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
RankCountryPrice/gal
1.Venezuela12 cents
2.Iran40 cents
3.Saudi Arabia45 cents
4.Libya50 cents
5.Swaziland54 cents
6.Qatar73 cents
7.Bahrain81 cents
8.Egypt89 cents
9.Kuwait90 cents
10.Seychelles98 cents
44.United States$3.45

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

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