Who Has The Cheapest (And Most Expensive) Gas in the World?

By Michael Larner

Michael Larner

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Driving a luxury car has its perks. Like extreme tush comfort. And basking in the envy of others. But it usually comes at a cost, and not just the one on the window sticker at the dealership. Odds are that your luxury barge will get lower gas mileage, and that you’ll probably be slapped with a gas-guzzler tax as well. 

But at least fuel prices aren’t what they used to be, right? According to AAA, the current average gas price in America is $2.68 a gallon for regular unleaded fuel. That’s not even a dime more than gas cost a year ago, which is a far cry from the nation’s record high of $4.11 a gallon back in July of 2008. So I guess we should be grateful. I mean, some parts of Europe are paying well over double our national average. 

So why’s there such a big price discrepancy for the same product? Well, besides the availability of gas in different regions, gas prices are heavily influenced by the government’s role in setting the price of gas. For example, in Venezuela, where gas costs as little as six cents a gallon, gasoline is heavily subsidized making it much more affordable. On the other hand, here in the U.S., we pay a federal tax of 18 cents per gallon plus any additional state or local taxes charged by our local municipalities. And while our gas prices may be creeping higher, I’ll still take the U.S. prices over what most of Europe is paying.

Check out our lists of the world’s highest and lowest gas prices：

The World’s Most Expensive Gas:  

1. Asmara, Eritrea: $9.59/gallon
2. Oslo, Norway: $7.41/gallon
3. Copenhagen, Denmark: $6.89/gallon
4. Hong Kong: $6.87/gallon
5. Monaco, Monte Carlo: $6.82/gallon 
   

The World’s Cheapest Gas:

1. Caracas, Venezuela: 6 cents/gallon 
2. Tehran, Iran: 32 cents/gallon 
3. Riyadh, Saudi Arabia: 45 cents/gallon
4. Kuwait City, Kuwait: 85 cents/gallon 
5. Cairo, Egypt: $1.17/gallon  

[Yahoo! Finance, AAA, Gas Price Watch]