Highest & Cheapest Gas Prices by Country

By Tom Randall - 2012-08-13T22:00:03Z

Photograph by SIME/eStock Photo

Company Symbol % Change
4 of 63

Israel

Price per gallon of premium gasoline: $9.28
Price change since last quarter: N/A*
Most-expensive-gas rank: #3
Pain-at-the-pump rank: #31
<p>Surrounded by oil producers in the Middle East, Israel itself drills very little. Gasoline prices are controlled by the government, and taxes typically make up about half the cost of a gallon.</p><p>Gas prices have led to widespread discontent and political demonstrations over the cost of living. Prime Minister Netanyahu has intervened to prevent prices from rising with the global price of oil, most recently when he lowered price 2.9 percent on June 1, according to the Ministry of Energy and Water Resources.</p><p>While the country taxes gas, it simultaneously subsidizes oil. Israel paid about $565 million in subsidies in 2010, a relatively small contribution to the world's $409 billion in global fossil-fuel subsidies.</p><p>The average daily income in Israel is $87, and it takes 11 percent of an average day's wages to buy a gallon of gas.</p><p>*Israel wasn't included in last quarter's price ranking.</p></p>Read more at www.bloomberg.com/sustainability.</p>

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