Highest & Cheapest Gas Prices by Country

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

Photograph by SIME/eStock Photo

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Price per gallon of premium gasoline: $0.09
Price change since last quarter: 0%
Most-expensive-gas rank: #60
Pain-at-the-pump rank: #60

Dreaming of cheaper gas? Fill up in Venezuela, where gas at 9 cents a gallon is the cheapest and most subsidized in the world. Even with a relatively low daily income of $30, the share of a day's wages needed to buy a gallon of gas is the lowest anywhere, at 0.3 percent.

President Hugo Chavez has called in the past for the country to reduce its rising gas consumption, but with fuel this cheap there's little incentive to do so. Decades of inexpensive gas have persuaded many Venezuelans to consider it part of the social contract. The last time the country tried to cut subsidies, in 1989, it was torn by riots that killed hundreds of people.

The cost of filling up the 39-gallon tank of a Chevrolet Suburban in Venezuela is $3.51, compared with $146.25 in the U.S and $394.68 in Norway.

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