I don't think it comes as a surprise to anyone that the US is the world's largest consumer, consuming twice as much as the second largest consumer.
Courtesy: Indexmundi
While there is a lot of discussion and discontent about gas prices in the US, there are at least 50 countries that pay more and some of them almost twice as much
Courtesy: Bloomberg
I used to live in Singapore, where there was a high tax on gas to discourage citizens from buying cars that would over crowd the already maxed out infrastructure of the tiny island nation. Besides, public transportation was world class - high tech, clean, efficient and affordable. So high gas prices was not quite a bad thing.
Countries like Hong Kong and Denmark have high incomes and can actually afford the high price (~$8) without much of a fuss.
The most hard pressed nation is India. Gas price is around $ 6.00, in spite of the energy subsidies provided by the government ( making up 10% of the national budget). With average daily income at less than $ 4.00, not too many people can afford to drive. And public transportation sucks! If necessity is the mother of invention and it is true that India has 360 days of sun every year, why isn't India a world leader in solar power generation yet? I will park this for discussion on another bright and sunny day.
But the best place to run up the miles on your shiny steel Ferrari is, Venezuela ( ~$0.09/gallon). They have oil resources and energy subsidies. Que Bueno!
Further Reading:
The Price of Oil
Supply and Demand
Back to Blog:
Can we have some gasoline, please
[Disclaimer: Prices are approximations used for discussion, may not be accurate]
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