Curious to find out which countries have the highest gas prices? While people have just started planning to go for a vacation during summer break, rising gasoline prices (in most places, near $3.50 a gallon) may make you think twice about leaving home.
From geo-political matters in the Middle East to oil-controlling cartels, there are plenty of reasons why gas prices may peak during a certain season, but one thing is clear: given the economic situation across the globe, fuel prices place another heavy burden on the average income levels of households.
Now, crude oil also serves as a “hot” commodity, which could be another clue to the mystery of rising gasoline prices: a correlation exists between oil and gasoline prices. While it is known that a rise in crude oil prices also results in an increase in gasoline prices, several factors add a cherry on top of this commotion, similar to our list of what cars get the most miles to the gallon.
Such factors include geopolitical situations; as unrest in Egypt and other Middle Eastern countries continue, the US has started to drill out its own oil-producing sites, using fracking to reduce its dependence on the Middle East and even North Africa and Venezuela.
According to the EIA, consumption of fuel is expected to decrease even in China, as its economic growth slows down along with Japan. With lower demand across the globe, fuel prices are generally expected to decrease in 2014 unless there is an unexpected economic boom.
Continue reading to see which countries have the highest gas prices:
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Gasoline Price (average): $7.26 per gallon