It’s likely cold comfort for Americans paying more at the pump, but even with gas costs rising above $4 per gallon across the country, U.S. drivers are paying less than their counterparts in a number of countries.
The average price around the world for a gallon of gas stands at $5.06, quite a bit higher than what many Americans are paying.
There are a number of reasons for the differences, including taxes, a lack of refineries in some nations and other issues.
Here are the five countries with the highest gas prices, according to the website Global Petrol Prices.
Note: The U.S. average national price per gallon of gas is currently $4.11, as reported by transportation company AAA.
Hong Kong
The special administrative regional city near China’s mainland is at the top of the list with an average price of $10.87 per gallon of gas.
Hong Kong has high gas taxes, and it’s also expensive to open a gas station in the semiautonomous city because of land costs.
Notably, mainland China has an average price of $5.77 per gallon.
Central African Republic
The African nation bordering Chad and Sudan has a price significantly cheaper than Hong Kong’s, but it’s still high, with an average price of $9.34 per gallon.
Monaco
The small European country bordering France has an average price of $9.23 per gallon of gas.
Russia, the world’s third-largest oil producer, is the largest supplier of European gas. The war in Ukraine has led to soaring prices across the continent.
After sanctions were placed on Russia, Putin demanded European countries pay in the Russian ruble for gas, which raised fuel prices in Europe by 7 to 10 percent, according to Reuters.
Norway
The Scandinavian nation is just below Monaco with an average price of $9.15 per gallon of gas.
Norway is a major oil producer, but like many European countries has higher gas taxes than elsewhere, raising prices at the pump.
In Norway, the gas tax was $2.84 in 2018, according to the U.S. Department of Energy.
Zimbabwe
The southeast African nation ranks fifth, with an average price of $8.90 per gallon of gas.
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As an energy economics enthusiast with a deep understanding of global fuel markets, let's delve into the intricacies of the factors influencing gasoline prices worldwide. My expertise stems from extensive research, data analysis, and a keen interest in the dynamic nature of energy markets.
Firstly, the article highlights the apparent disparity in gas prices between the United States and several other countries. While Americans may find solace in paying around $4.11 per gallon on average, it's crucial to recognize the various elements contributing to the global variation in gasoline costs.
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Hong Kong: $10.87 per gallon Hong Kong tops the list with an average gas price of $10.87 per gallon. The high cost is attributed to elevated gas taxes and the expensive nature of establishing gas stations due to land costs in this special administrative region.
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Central African Republic: $9.34 per gallon Despite being cheaper than Hong Kong, the Central African Republic still experiences a high average gas price of $9.34 per gallon. The reasons behind this could include transportation challenges, limited infrastructure, and geopolitical factors affecting oil supply chains.
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Monaco: $9.23 per gallon Monaco, a small European country bordering France, has an average gas price of $9.23 per gallon. The impact of global events, such as the war in Ukraine, has influenced prices in Europe, and Monaco is no exception. Sanctions on Russia have led to increased fuel prices across the continent.
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Norway: $9.15 per gallon Norway, a major oil producer, experiences high gas prices at $9.15 per gallon. Despite its oil wealth, Norway imposes substantial gas taxes, contributing to the elevated prices at the pump. In 2018, the gas tax in Norway was reported to be $2.84 by the U.S. Department of Energy.
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Zimbabwe: $8.90 per gallon Zimbabwe, a southeast African nation, occupies the fifth position with an average gas price of $8.90 per gallon. Economic conditions, geopolitical factors, and potential challenges in the supply chain could all contribute to the relatively high gas prices in this region.
In conclusion, while Americans may be grappling with rising gas prices, understanding the global context reveals that several factors, including taxes, infrastructure limitations, geopolitical events, and regional economic conditions, collectively contribute to the varying costs of gasoline across the world.
