Friday, May 12, 2006

Gas Prices Around the World

If you think gas prices are high in the US, check out this graphic from The Economist on gasoline (or as the British call it petrol) prices around the world. In Turkey they pay almost $7 a gallon, Norway, Britain and Germany around $6, South Korea $5, Japan $4.5, and India $3.5. On the other end, in China they pay $1.75, Russia $1.5, Saudi Arabia $1, and Venezuela $.5.

They break it down with and without tax. What I don't get is if oil is a globally traded commodity, why isn't the without tax price the same around the world? It ranges from $.5 to $2 a gallon without tax.

Looks like many countries in Europe have a $4 a gallon tax. Sounds good to me. The US should raise ours to at least $2.

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