U.S. Feels Less Pain at Gas Pump as India Tops RankingMoming Zhou
The U.S., the world’s biggest oil consumer, is among the nations feeling the least pain at the gasoline pump, while India tops the list of 60 countries ranked by Bloomberg.
A gallon of regular gasoline cost Americans 2.5 percent of their daily income in April, 55th out of 60 nations, according to data compiled by Bloomberg. In India, a gallon cost 16 percent more than a worker’s daily wage. Venezuelans paid 0.1 percent of income to buy a gallon, the least in the world, the data show.
The price of regular unleaded gasoline in April was $3.52 a gallon in the U.S., ranking 51st in prices, lower than China, where a gallon went for $4.75, and Pakistan, where it cost $3.95. The highest pump price was in Turkey, where motorists paid $9.98 a gallon. That’s about 32 percent of their daily income. Norwegian drivers paid $9.97, or 3.5 percent of income.
Motorists in Venezuela, a nation that subsidizes gasoline to cap prices, paid 4 cents a gallon.
The price list was created using data compiled by Bloomberg from sources including Associates for International Research Inc., Europe’s Energy Portal, U.S. Energy Information Administration, the International Monetary Fund and the World Bank. Prices for the U.S. and European Union countries are from April 16. Prices for all other countries are from April 4-12.
Oil futures for August delivery fell 26 cents, or 0.3 percent, to $94.88 a barrel on the New York Mercantile Exchange. Gasoline futures dropped 0.3 percent to $2.7794 a gallon.
Regular gasoline at the pump, averaged nationwide, fell 0.4 cent to $3.592 a gallon yesterday, according to Heathrow, Florida-based AAA, the largest U.S. motoring group.