Fuel prices? It’s all relative

Occasionally we print a reminder to Americans that they’re still living in a fantasy world of fuel prices. With all the moaning and tearing of hair one encounters about the price of gas at the pump it is easy to forget that much of the world has it far worse. At least in non-oil-exporting countries. The 29 June edition of the New York Times provides some evidence of this in its Week in Review section; specifically an article titled Savoring Bargains at the American Pump.

The good news is that the cost of gas at retail ranges from about $3.50 to $4.80 per gallon in much of the world these days. The price of gas at retail is another story altogether. The prices quoted in the article range from $0.25 per gallon in Venezuela to $10.05 per gallon in the Netherlands.

Why is this and what can be done about it? Continue reading Fuel prices? It’s all relative