Slide Show | March 2011

Gas Prices Around the World

By Susannah Snider
March 2011

The average U.S. gas price has skyrocketed to $3.61, according to AAA. But Americans cough up only about half of the amount drivers pay per gallon in Europe, where steep fuel taxes fund public transit systems, among other projects. On the other extreme, oil-rich countries, such as Saudi Arabia, Iran and Venezuela, keep fuel dirt-cheap with generous subsidies.
Keep in mind that, with our suburbs, strip malls and gas guzzlers, Americans feel the pain at the pump more acutely than others. Here’s a look at the average gas prices in early March for 11 countries around the world, collected by the German Agency for International Cooperation.

Data come from German Agency for International Cooperation March 2011 Survey; Lundberg Survey/Energy Détente from March 2011:U.S. Energy Information Administration (EIA); AAA; Mercer

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Gas Prices Around the World

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Gas Prices Around the World - Slide Show

Canada$5.56 per gallon

Although Canada is a major producer of oil (it’s the U.S.’s main provider, accounting for 24% of our crude oil in January), heavy taxes hit Canadian drivers hard. Pricing methods vary among provinces, with some choosing to regulate and others opting out. In February, Ontario’s motorists paid about 38% in taxes at the pump, more than triple the U.S. rate.

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Canada$5.56 per gallon

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Gas Prices Around the World - Slide Show

France$8.29 per gallon

European countries are well-known for their sky-high gas prices. France is no exception, levying taxes of over $4.50 per gallon. One trade-off is Europe’s ubiquitous train system, with high-speed trains such as the Eurostar and Thalys linking the continent.

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France$8.29 per gallon

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Gas Prices Around the World - Slide Show

Turkey$9.96 per gallon

Turkey has the highest price on our list, soaring to almost $10 per gallon. Istanbul consistently ranks as one of the most expensive cities in which to buy gas.

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Turkey$9.96 per gallon

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Saudi Arabia$0.61 per gallon

Saudi Arabia boasts about one-fifth of the world’s oil reserves and is a significant supplier to the U.S. The price of gasoline is decided by royal decree, selling at a subsidized rate.

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Saudi Arabia$0.61 per gallon

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Gas Prices Around the World - Slide Show

Iran$1.44 per gallon

Although Iranians enjoy a gas subsidy, the government recently reduced its assistance, causing prices to soar. Drivers used to purchase a rationed 60 liters (about 16 gallons) of gas at about 10 cents per liter, with taxi drivers allowed more. The price has since quadrupled for the same fixed amount, according to Armin Wagner, an analyst at the German Agency for International Cooperation, a German-based group that studies global development.

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Iran$1.44 per gallon

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India$5.03 per gallon

In June 2010, the Indian government decided to deregulate gasoline prices, doing away with the subsidies that had long kept the cost low. The price has since increased by about $1.

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India$5.03 per gallon

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China$4.54 per gallon

China’s economic regulatory agency, the National Development and Reform Commission, adjusts the retail price of gasoline when the cost of crude oil changes by more than 4% over 22 business days. "When oil prices rally, China sometimes keeps oil lower than international rates to keep the economy going, prevent protests and promote social stability," says Antoine Halff, a senior oil market analyst for the U.S. Energy Information Administration.

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China$4.54 per gallon

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Japan$6.62 per gallon

The island nation taxes motorists almost $3 per gallon, according to Energy Détente. A state-of-the-art railway system, which includes lightning-fast shinkansen (bullet trains), offsets the pain at the pump.

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Japan$6.62 per gallon

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Australia$5.41 per gallon

Australia’s gas prices are determined by a deregulated market where competition is the name of the game. A benefit to Australian consumers right now is their thriving currency, which recently traded at a record-breaking rate against the U.S. dollar.

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Australia$5.41 per gallon

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Brazil$5.98 per gallon

In the Western hemisphere, only the U.S. and Canada outpace Brazil’s appetite for energy. The country is somewhat insulated from rising world oil prices because of its local supply of ethanol, harvested from sugarcane. Each of the country’s 33,000 gas stations offer pure hydrated ethanol, according to Brazil’s Surgarcane Association. And motorists can drive Flexfuel vehicles, designed to run on a mixture of gasoline and ethanol.

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Brazil$5.98 per gallon

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Gas Prices Around the World - Slide Show

Venezuela$0.08 per gallon

Venezuela boasts the lowest cost of gasoline on our list. Citizens pay just pennies per gallon, enjoying generous subsidies from President Hugo Chavez.
Like Iran and Saudi Arabia, oil-rich Venezuela has stitched affordable gas into its national fabric. "Oil is seen as a national resource, effectively owned by all and to which all are entitled," says Halff. "The idea of cheap gasoline tends to be firmly entrenched in the political culture of those countries."

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Venezuela$0.08 per gallon

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Gas Prices Around the World - Slide Show

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