www.zerohedge.com BY TYLER DURDEN
The Russian invasion of Ukraine has driven up oil and other commodity prices in many countries, with gasoline prices turning into a topic of discussion around the world. However, as Statista’s Katharina Buchholz details below, as taxes are making up a big chunk of the gas price in the majority of industrialized nations, countries taxing gasoline at lower rates will still see lower gas prices in comparison. One example of this is the United States.
Even at a gas price of more than $4.00 per gallon, Americans are still paying much less to fill up their cars than people in many industrialized nations, including other car-based economies like Brazil, Australia or South Africa. According to website Global Gas Prices, the latter two nations were already paying upwards of $5.00 for a gallon, while prices in Brazil were approaching $4.94.
Europe has some of the highest gasoline prices in the world. Most of Western Europe was paying upwards of $6.00 for a gallon of gas as of March 14, with some of the highest prices being charged in the Netherlands, Finland, Germany, Italy and Norway. Germany was the most expensive major European economy in terms of gas prices most recently, as a gallon was going for $9.12. Norway is an outlier among oil producing countries as it taxes gasoline at a premium. The country bases lots of its wealth on oil but has for many years pursued a plan to make its own economy independent of the fossil fuel.
