Compared to Other Countries, Gasoline Prices in the United States Are Modest

Yet sharp price increases in gasoline are, for many, excruciating

The twin forces of inflation and the horrific Russian-Ukranian War have pushed U.S. gas prices to record levels.

Spot prices today (March 09, 2022) run from $3.80 per gallon in Kansas to $5.58 in California. (1) Steep increases are expected to continue. Costs may remain high for some time to come.

I do not for a moment wish to ignore or minimize the economic pain that this causes for many of our fellow citizens. Millions are utterly dependent on their cars for numerous purposes, including commuting to and from work. Millions struggle to put food on the table and shoes on the kids. There’s absolutely no room in millions of family budgets to cover the dizzying new costs of gasoline.

I regret that there are no balms.

Gas price pain (or, in some instances, lack thereof) reflects internationally. Consider this sampling of current prices: (2)

Venezuela, Iran, Libya: mere pennies (due to political – not necessarily supply – issues)

Russia: $1.41

Saudi Arabia: $2.35

Pakistan: $3.18

United Arab Emirates: $3.22

Afghanistan: $3.32

Indonesia: $3.39

Mexico: $4.10

United States: $4.46

Ukraine: $4.48

Cuba: $4.77

India: $5.06

China: $5.18

Japan: $5.60

Canada: $5.61

Spain: $7.19

United Kingdom: $7.72

France: $7.93

Germany: $8.26

Norway: $10.20

Hong Kong: $10.72

The long term results of high petroleum prices? I like to call them “the right things for the wrong reasons.”

It will accelerate (pun somewhat intended) the shifts to other modes of transport: electric, biofuels, and hydrogen – because of the elevated costs of gasoline and diesel.

It will curb the use of petroplastics – because of the sharply higher costs of the petroleum and natural gas from which they are derived (and not necessarily because of the needs to cut plastic pollution and waste).

It will curb methane and other chemical releases – because of resulting declines in oil exploration and production.

It will curb air and water pollution – because there will be fewer refineries.

It will curb the use of oil and natural gas and coal for the generation of electricity – because solar and wind and geothermal sources will come to be less expensive than fossil fuels.

(Don’t get me going on folly of nuclear power!)

Lots to think about, no?

Sources:

(1) https://www.gasbuddy.com/usa

(2) https://www.globalpetrolprices.com/gasoline_prices/