261 times more than in Venezuela ($0.03). This is over 2.6 times more than in the USA and. Norway is the infamous world leader in gas prices at $7.82 per gallon. We can observe that generally, gas prices in Europe are much higher than in America. placed at the level of $2.99, while in Germany it was considerably higher - $6.43. Fuel prices vary from a few cents to over 7 dollars per gallon. Let's take a look at a worldwide gasoline prices comparison (in U.S. It is the main fuel used in passenger vehicles and the automotive fleets of small and large businesses. Gasoline is often regarded as a key driver of a country's economy. is also one of the biggest consumers of gasoline on a per capita basis, with approximately 1.22 gallons of gas per person daily. That makes the United States one of the major oil-producing countries, up there with the likes of Saudi Arabia and Russia. As a result, the price of gasoline has been kept high since the hurricane.Īccording to the Energy Information Administration, USA produces about 12% of the world's oil, which amounts to 2.7 billion barrels per day. In September, there was a peak up to $3.47 due to fears about the gasoline supply - this is the first time in history when gas prices exceeded the $3 threshold.Įven though the supply has met the demand shortly after, gasoline suppliers weren't inclined to lower the prices, as their customers got used to new prices. That year has begun with the average monthly gas price at $2.27 and finished at $2.76 but within the general upward trend. ![]() Many refineries had to be closed, which caused a decrease in oil supply and, automatically, a high increase in gas prices. To illustrate this principle, let's go back in time to 2005 when Hurricane Katrina hit much of the refining capacity along the Gulf Coast. There are also economic factors, for example, non-stable geopolitical situation (especially near oil-producing nations) or the risk of an oil-supply interruption. These variations may be driven by many different factors e.g. Gas prices are not stable and they tend to fluctuate over time.
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