10 July 2008
WHERE IS GASOLINE REALLY CHEAP?
I read a post recently on the highest and lowest gasoline prices. Norway was the highest, at US$8.73 per gallon (in 2007) and Venezuela was the lowest at just 12 cents. The USA was somewhere in the middle at $3.02.
But how does the impact of income level affect these rankings? I divided these countries' median income by the average price of gasoline to see how many gallons their income could buy.
Venezuela is still the cheapest with their median income buying 50,583 gallons of gasoline. Kuwait was a distant second at 34,033 gallons, followed by Saudi Arabia at 27,800. The USA was 5th cheapest at 14,891 gallons.
The most expensive gasoline was in Portugal, with the median income purchasing only 2,309 gallons (under 5 percent of the Venezuelan amount). A big group of countries could buy 4-5,000 gallons: Swaziland, France, Germany, Belgium, and the UK.
I don't know how useful this information is, but it is interesting and I had fun coming up with it.
It does remind us that as much as we complain about the high price of gasoline here in the USA, there are a lot of people paying far more than we do when our relatively high income level is taken into account.
FYI. Norway ranked only 8th in my list since their median income is a whopping $66,530!
Posted by Ms. OPL at 7/10/2008 08:12:00 PM