Compare Gas Prices Around The World

It really does save you money if you try and keep up ahead with volatile gasoline costs today. If you compare gas prices around the nation you can see that it varies quite a bit from state to state, and even within many states there are major differences in the cost per gallon.

We just don't know who to blame or what the cause is, but gas is costing us plenty lately, and there doesn't seem to be any end in sight. Do we blame the refinery or the gas station owner? How does the high cost of crude oil affect the price we pay at the pump?

Answers are as elusive as the reasons on this subject and no matter whom we ask about it, they seem to give us a different answer.

The biggest cost is in the purchase of crude oil. Currently this represents about seventy three percent of the overall cost involved in a gallon of gasoline. The second largest cost is due to the taxes involved, which are often as much as eleven percent. Next is the marketing and distribution of that gas, taking a ten percent bite. Surprisingly enough, refining that gasoline costs an average of only six percent.

The Organization of Petroleum Exporting Countries (OPEC) is largely to blame for the current astronomical costs involved when putting gas into our vehicles, and there isn't too much we can do about them right now, as they are far more concerned with their interests than with ours. There is oil in other areas of the world, but there seems to be many restrictions holding up any large scale refining. So for the time being, we are under the pricing control of OPEC, which is largely Venezuela, Saudi Arabia, Iran, the United Arab Emirates, and other Persian Gulf oil importers.

The retail cost of gasoline today is mainly governed by the price of crude oil and further determined by supply and demand. As more people are out there driving, particularly in vehicles that are not gas efficient, there is a heavier demand for fuel. Even the weather can affect how much our gas costs. If there is a hurricane in the area of working refineries that is creating havoc, the price we pay at the pumps will go up significantly, even if only for a few weeks.

So why is a gallon of gas over three dollars in some parts of the world currently? And why is it just over two dollars per gallon in other areas? This again appears to be the fault of supply vs. demand and is dependant upon high traffic areas. The U.K. has been hit with astronomical gasoline costs for several years now, with no apparent end in sight. The cost of a gallon of gasoline (petrol) in the U.K. is currently about three times the cost paid in the U.S., at about six dollars and thirty cents (U.S. dollars with tax included). This happens to be quite a bit lower than it was about one year ago, but is still outrageous.