Here's How U.S. Gas Prices Compare to Other Countries'

The good news first: The U.S. is not the country with the highest gas prices in the world (although at times of crippling, surging inflation, it might feel as if it is).

In fact, the country hovers in the middle of a list comparing gas prices around the world, according to Global Petrol Prices, a website that tracks the retail price of gas across 150 countries.

At $5.037 per gallon (as of June 6), gas is cheaper than in over 90 countries including Norway and China, and more expensive than in over 70 others. Gasoline prices are an unbeatable $0.084 per gallon in Venezuela, the country that boasts the biggest oil reserves in the world.

The Latin American country is followed by Libya ($0.119) and Iran ($0.202).

On the other hand, gas prices are at their highest in Hong Kong, at $11.213 per gallon, followed by Norway ($10.820), Denmark ($10.321) and Finland ($10.125).

The price of gas in those countries does not necessarily reflect the economic conditions and purchasing power of people living there. In Venezuela, for example, the average salary has been plummeting in recent years under the regime of President Nicolas Maduro.

According to FAVENPA, Venezuela's Cámara de Fabricantes Venezolanos de Productos Automotores (Chamber of Venezuelan Vehicle Manufacturers), in early 2021 the country was only able to supply gasoline to half of the country's 4.1 million vehicles.

A total of 4.1 million vehicles owned by a population of 28.44 million in Venezuela pales in comparison to car ownership in the U.S., with 276 million vehicles registered as of 2021, according to the U.S. Department of Transportation, for a total population of 332.4 million as of January 2022.

The sky-high price for gas paid by Hongkongers can be explained by a combination of factors. The surging cost of land on which petrol stations are built is considered to have been fueling gas prices, added to import cost, government duties and all other expenses necessary to keep a pump working.

Norway, on the other hand, is another country like Venezuela blessed with vast oil reserves. And yet it pays more than almost all other countries in the world for gasoline.

The price squeeze at the pumps has been triggered by soaring crude oil prices and the war in Ukraine, causing the Nordic country to experience unprecedented prices. The country luckily does not depend on energy imports, setting it aside from other countries in Europe that are now struggling with bans on Russian imports imposed as a punishment for Moscow's invasion of Ukraine.

But the surge in gas prices is affecting those Norwegians who need a car every day.

Despite being somewhere in the middle of the highest and lowest gas prices in the world, gas prices in the U.S. are currently at a record. The situation is expected to get more dire as more people travel by car across the country in the summer, likely fueling a surge in demand and prices.

The U.S. is not the only country struggling. On Wednesday, the average cost of filling up a typical family car in Britain rose to a record $125, the Associated Press reports.

Gas price USA
Gas prices are displayed at a Brooklyn gas station on March 08, 2022 in New York City. Gas prices have reached record highs around the country since the start of the Russian invasion of Ukraine. Spencer Platt/Getty Images