It’s summer season. You’re taking that long-awaited street journey, maybe for the primary time for the reason that pandemic. Your first cease, a fuel station. Cue the sticker shock.
In the US and lots of different nations, costs have soared as pandemic restrictions eased and gas calls for elevated. Labor shortages, shuttered refineries and the struggle in Ukraine have restricted provides, pushing costs even increased.
Whilst costs have ticked down forward of the Fourth of July weekend, Individuals are nonetheless paying between $4 to $7 per gallon. Filling half a tank of a Toyota Camry — one of many world’s hottest sedans — prices about $40. In the event you’re driving a 2010 Camry — a mannequin yr we’re utilizing based mostly on the common age of vehicles on U.S. roads — you’ll go about 32 miles per gallon.
And which means $40 will get you round 250 miles down the freeway.
[Analysis | The truth about gas prices and oil production]
However how far would $40 take you in the remainder of the world? Whereas U.S. prices on the pump hit information in June, they have been decrease than these in different nations with the biggest economies, together with France, Canada, China and Britain, however increased than these in different prime oil producing nations resembling Russia and Saudi Arabia.
How far $40 of fuel will get you
within the nations with the
largest economies
Distances proven are for a 2010 Toyota Camry,
which matches 32 miles per gallon.
How far $40 of fuel will get you within the
nations with the biggest economies
Distances proven are for a 2010 Toyota Camry,
which matches 32 miles per gallon.
How far $40 of fuel will get you within the nations
with the biggest economies
Distances proven are for a 2010 Toyota Camry, which matches 32 miles per gallon.
How far $40 of fuel will get you within the nations with the biggest economies
Distances proven are for a 2010 Toyota Camry, which matches 32 miles per gallon.
How a lot fuel your cash buys is dependent upon many variables, together with taxes, authorities support, refining prices, distribution and advertising and marketing.
“Oil is a globally traded commodity, and there are usually not simple substitutes for it,” stated Jeff Barron, a petroleum business economist on the U.S. Power Data Administration. Russia’s invasion of Ukraine has been “very disruptive” to the worldwide market, he added.
Reporters for The Washington Submit spoke to individuals world wide to see how excessive gas prices are affecting their lives and what governments are doing — if something — to cushion the impression.
France
Value of fuel: $8.11/gallon
How a lot fuel value final summer season: $7.01/gallon
Common annual earnings: $33,724
Authorities motion: Since April 1, France has been providing motorists a rebate on gas and reimbursing fuel stations for the misplaced income. Estimates recommend that’s costing the federal government over $2 billion.
South Africa
Value of gasoline in the present day: $5.61/gallon
How a lot fuel value final summer season: $4.55/gallon
Common annual earnings: $4,862
Authorities motion: As costs in South Africa rose in June, the federal government quickly diminished fuel taxes. Many drivers say they really feel extra assist is required.
Colombia
Value of fuel: $2.17/gallon
How a lot fuel value final summer season: $2.31/gallon
Common annual earnings: $5,246
Authorities motion: Fuel costs in Colombia are among the many lowest in Latin America due to the federal government subsidy. However with the gas fund now $3 billion in debt, the federal government has warned it’ll quickly begin growing costs.
South Korea
Value of gasoline in the present day: $6.33/gallon
How a lot fuel value final summer season: $5.29/gallon
Common annual earnings: $25,752
Authorities motion: Costs are the best they’ve been in a decade and proceed to climb, regardless of the South Korean authorities decreasing its gas tax twice.
United Arab Emirates
Value of gasoline in the present day: $4.15/gallon
How a lot fuel value final summer season: $2.34/gallon
Common annual earnings: $39,306
Authorities motion: The federal government hasn’t taken any steps to ease skyrocketing costs. In the previous couple of months, the price of fuel has doubled — the primary sharp enhance for the reason that UAE deregulated gas in 2015.
Germany
Value of fuel: $7.46/gallon
How a lot fuel value final summer season: $6.81/gallon
Common annual earnings: $39,093
Authorities motion: The federal government minimize taxes on fuel, reducing costs which had been among the many highest in Europe. Even with these measures, individuals are nonetheless paying greater than $7 per gallon. To assist customers, the price of public transport additionally was minimize. For round $10, individuals can journey wherever within the nation on regional trains or buses.
India
Value of gasoline in the present day: $4.99/gallon
How a lot fuel value final summer season: $5.08/gallon
Common annual earnings: $1,822
Authorities motion: Surging costs this spring pushed the federal government to slash fuel taxes and negotiate importing discounted oil from Russia, which stabilized prices. India has come underneath criticism for supporting Russian President Vladimir Putin via these strikes, however officers contend they need to put their very own nation first.
