How US Gas Prices Compare With Rest of World
Summary
Gas prices around the world have risen sharply, now averaging $5.89 per gallon, up about $1 since late February when tensions rose with Iran. In the U.S., gas prices increased by $1.30 per gallon since late February and now average about $4.28, which is still lower than the global average.Key Facts
- Global average gas price is $5.89 per gallon as of early September.
- Gas prices worldwide rose about $1 since late February, before the conflict with Iran.
- U.S. gas prices grew from $2.98 to $4.28 per gallon since late February.
- Americans pay about $377 million more per day due to higher gas prices, totaling $4.63 billion extra per week.
- U.S. gas prices are roughly $1.61 cheaper per gallon than the global average.
- Cheapest gas prices are in oil-producing or subsidized countries like Libya ($0.09/gal) and Iran ($0.11/gal).
- Highest gas prices are in places with high taxes, such as Hong Kong ($15.89/gal) and Norway ($11.77/gal).
- Australia had the biggest gas price increase after the Iran conflict, rising 42% in one month.
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